Maloy, Iowa Property Taxes
The median property tax rate in Maloy, IA is 1.23%, slightly above the national median of 0.99% but lower than Iowa's state median of 1.54%. With a median home value of $162,224 in Maloy, the typical annual property tax bill amounts to $2,098, which is below the national median of $2,690. Property taxes in Maloy are calculated based on the assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Maloy'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 Maloy or another part of Ringgold County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Maloy, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$1,995
Ownwell’s Maloy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Maloy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Maloy 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 Maloy, Iowa
Property taxes in Maloy, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Maloy is 1.23%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Maloy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Maloy 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 Maloy's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50836 zip code has the highest median property tax rate of 1.23%, while the same zip code also has the lowest median tax rate of 1.23%. Understanding how these cities compare with Maloy provides valuable insights into the varying tax landscape across Ringgold County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Maloy Tax Rate
1.23%
Average Ringgold County Tax Rate
1.44%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Maloy, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50836 | 1.04% | 1.15% | 1.23% | 1.34% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Maloy, Iowa
In Maloy, 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 Ringgold County Appraisal District 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 Maloy, 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. For instance, the highest median tax bill is $2,098 in the 50836 zip code, while the lowest median tax bill is also $2,098 in the same 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 Maloy Assessed Value
$162,224
Average Ringgold County Assessed Value
$101,674
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Maloy, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50836 | $38,564 | $60,352 | $162,224 | $279,334 | $328,555 |
Source: Ownwell
Property Tax Bills Across Maloy, Iowa
In Maloy, located in Ringgold County, IA, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor's office. This assessed value is then multiplied by the local property tax rate. For context, the national median property tax rate is 0.99%. Homeowners in Maloy can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $944, while the 75th percentile tax bill can reach up to $3,150. At the higher end, the 90th percentile tax bill is approximately $3,353. The median home price in Maloy is $162,224, which plays a crucial role in determining the overall tax burden. Factors such as property improvements, changes in market conditions, and local government budgets also influence the final tax bill. Understanding these components helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Maloy Tax Bill
$2,098
Average Ringgold County Tax Bill
$1,488
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Maloy, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50836 | $557 | $944 | $2,098 | $3,150 | $3,353 |
Source: Ownwell