Truro, Iowa Property Taxes
The median property tax rate in Truro, IA is 1.59%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Truro at $179,400, the typical annual property tax bill reaches $2,834, exceeding the national median of $2,690. Property taxes in Truro are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Truro's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Truro or another part of Madison County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Truro, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.59%
Estimate Property Tax Bill
$2,852
Ownwell’s Truro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Truro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Truro to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Truro, Iowa
Property taxes in Truro, Iowa, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Truro is 1.59%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Truro set these rates annually, and they can vary across different neighborhoods. Each year, Truro estimates its required budget to maintain services for the upcoming fiscal year and then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Truro's effective property tax rate to other areas in Iowa and the national median. For comparison, the zip code 50257 has the highest median property tax rate of 1.59%, while the same zip code also has the lowest median tax rate of 1.59%. Understanding how these areas compare with Truro provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Truro Tax Rate
1.59%
Average Madison County Tax Rate
1.44%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Truro, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50257 | 1.32% | 1.40% | 1.59% | 1.82% | 1.91% |
Source: Ownwell
Property Tax Assessment Values Across Truro, Iowa
In Truro, Iowa, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Madison County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Truro, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The median home price in Truro is $179,400, with tax bills ranging from $1,801 at the 25th percentile to $5,798 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 50257, at $2,834. Being aware of these valuation processes in Truro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Truro Assessed Value
$179,400
Average Madison County Assessed Value
$216,500
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Truro, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50257 | $59,080 | $108,100 | $179,400 | $270,450 | $398,520 |
Source: Ownwell
Property Tax Bills Across Truro, Iowa
In Truro, Madison County, IA, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and improvements can significantly influence the assessed value. For example, the median home price in Truro is $179,400, which gives homeowners a general idea of the property values in the area. Homeowners in Truro can expect their property tax bills to vary. At the 25th percentile, the tax bill is $1,801, while at the 75th percentile, it rises to $4,096. For those at the 90th percentile, the tax bill can reach up to $5,798. These figures highlight the range of property taxes in the area and how they impact homeowners differently. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Truro Tax Bill
$2,834
Average Madison County Tax Bill
$3,138
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Truro, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50257 | $961 | $1,801 | $2,834 | $4,096 | $5,798 |
Source: Ownwell