Merrill, Iowa Property Taxes
The median property tax rate in Merrill, IA is 0.97%, slightly below the national median of 0.99% and significantly lower than the Iowa state median of 1.54%. With the median home value in Merrill at $182,600, the typical annual property tax bill amounts to $1,845, which is less than the national median of $2,690. Property taxes in Merrill are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Merrill'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 Merrill or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Merrill, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$1,771
Ownwell’s Merrill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Merrill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Merrill 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 Merrill, Iowa
Property taxes in Merrill, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Merrill is 0.97%, slightly lower than the U.S. national median of 0.99%. Local government entities within Merrill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Merrill estimates its required budget to maintain services for the upcoming fiscal year, 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 Merrill's effective property tax rate to other areas in Iowa and the national median. For comparison, the 51038 zip code has both the highest and lowest median property tax rate of 0.97%. Understanding how these areas compare with Merrill provides valuable insights into the varying tax landscape across Plymouth County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Merrill Tax Rate
0.97%
Average Plymouth County Tax Rate
1.13%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Merrill, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51038 | 0.81% | 0.88% | 0.97% | 1.04% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Merrill, Iowa
In Merrill, 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 Plymouth 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 Merrill, 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. Being aware of these valuation processes in Merrill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 51038, with a tax bill of $1,845.
Average Merrill Assessed Value
$182,600
Average Plymouth County Assessed Value
$198,050
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Merrill, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51038 | $66,940 | $117,735 | $182,600 | $278,455 | $389,192 |
Source: Ownwell
Property Tax Bills Across Merrill, Iowa
In Merrill, Plymouth County, IA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and reflects the market value of the property. In Merrill, the median home price is $182,600. The property tax rate is applied to this assessed value to determine the annual tax bill. Various factors influence the final tax bill, including property characteristics, local tax rates, and any applicable exemptions. For homeowners in Merrill, property tax bills can vary significantly. At the 25th percentile, the tax bill is approximately $1,225, while at the 75th percentile, it rises to about $2,670. The highest tax bills, at the 90th percentile, can reach up to $3,690. These figures show the range of property tax burdens that homeowners might face, with the median tax bill in the region being $1,845. Compared to the national median property tax rate of 0.99%, Merrill's property tax rates can have a substantial impact on homeowners, influencing their overall housing costs.
Average Merrill Tax Bill
$1,845
Average Plymouth County Tax Bill
$2,246
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Merrill, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51038 | $782 | $1,225 | $1,845 | $2,670 | $3,690 |
Source: Ownwell