Gilmore City, Iowa Property Taxes
The median property tax rate in Gilmore City, IA is 1.09%, slightly above the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $71,775, the typical annual property tax bill in Gilmore City amounts to $854, which is below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which is generally lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding the property tax system in Gilmore City, exploring exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you reside in the heart of Gilmore City or another part of Pocahontas County, gaining insight into the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Gilmore City, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$782
Ownwell’s Gilmore City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gilmore City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gilmore City 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 Gilmore City, Iowa
Property taxes in Gilmore City, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gilmore City is 1.09%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Gilmore City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gilmore City 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 Gilmore City's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50541 zip code has the highest median property tax rate of 1.09%, while the 50541 zip code also has the lowest median tax rate of 1.09%. Understanding how these cities compare with Gilmore City provides valuable insights into the varying tax landscape across Pocahontas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gilmore City Tax Rate
1.09%
Average Pocahontas County Tax Rate
1.38%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gilmore City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50541 | 0.81% | 0.93% | 1.09% | 1.35% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across Gilmore City, Iowa
In Gilmore City, Iowa, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 Pocahontas 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 Gilmore City, 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 Gilmore City is $71,775, with tax bills ranging from $359 at the 25th percentile to $2,136 at the 90th percentile. The highest and lowest median tax bills in the area are both $854 in the 50541 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gilmore City Assessed Value
$71,775
Average Pocahontas County Assessed Value
$72,338
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gilmore City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50541 | $13,010 | $35,136 | $71,775 | $136,357 | $205,326 |
Source: Ownwell
Property Tax Bills Across Gilmore City, Iowa
In Gilmore City, Pocahontas County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property, reflecting its worth in the current real estate market. Several factors influence this assessment, including the home's size, age, location, and condition, as well as recent sales of comparable properties in the area. Homeowners in Gilmore City experience varying tax bills depending on the assessed value of their properties. For instance, the tax bill for homes at the 25th percentile is around $359, while those at the 75th percentile face bills closer to $1410. At the 90th percentile, homeowners can expect to pay approximately $2136. The median home price in Gilmore City is $71,775, and the property tax rate is compared to the national median of 0.99%. These tax bills significantly impact homeowners' annual budgets, making it essential to understand the assessment process and potential exemptions available.
Average Gilmore City Tax Bill
$854
Average Pocahontas County Tax Bill
$919
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Gilmore City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50541 | $161 | $359 | $854 | $1,410 | $2,136 |
Source: Ownwell