Selma, Iowa Property Taxes
The median property tax rate in Selma, IA is 1.15%, which is higher than the national median of 0.99% but lower than Iowa's state median of 1.54%. With a median home value of $62,500 in Selma, the typical annual property tax bill amounts to $720, which is below the national median of $2,690. Property taxes in Selma are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Selma'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 Selma 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
Selma, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$719
Ownwell’s Selma Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Selma with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Selma 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 Selma, Iowa
Property taxes in Selma, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Selma is 1.15%, significantly higher than the U.S. national median of 0.99%. Local government entities within Selma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Selma 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 Selma's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 52588 within Van Buren County has both the highest and lowest median property tax rate of 1.15%. Understanding how these cities compare with Selma provides valuable insights into the varying tax landscape across Van Buren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Selma Tax Rate
1.15%
Average Van Buren County Tax Rate
1.04%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Selma, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52588 | 0.96% | 1.05% | 1.15% | 1.23% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Selma, Iowa
In Selma, 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 Van Buren 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 Selma, 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 Selma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 52588 has the highest and lowest median tax bill of $720.00, reflecting the diverse property values in the area.
Average Selma Assessed Value
$62,500
Average Van Buren County Assessed Value
$93,400
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Selma, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52588 | $9,762 | $18,045 | $62,500 | $116,155 | $172,164 |
Source: Ownwell
Property Tax Bills Across Selma, Iowa
In Selma, located in Van Buren County, IA, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The median home price in Selma is $62,500, and the property tax rate is derived from the assessed value of the property. Homeowners in Selma typically see a wide range of tax bills. At the 25th percentile, tax bills are around $221, while at the 75th percentile, they reach approximately $1,419. The 90th percentile tax bill can go up to $2,180. These tax bills are influenced by various factors, including property size, location, and any applicable exemptions. The impact on homeowners can be significant, as higher property taxes can affect monthly mortgage payments and overall affordability. Compared to the national median property tax rate of 0.99%, Selma's tax rates can vary widely, reflecting the diverse nature of property values and local tax policies within the community.
Average Selma Tax Bill
$720
Average Van Buren County Tax Bill
$987
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Selma, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52588 | $134 | $221 | $720 | $1,419 | $2,180 |
Source: Ownwell