Meservey, Iowa Property Taxes
The median property tax rate in Meservey, IA is 1.27%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $163,150, the typical annual property tax bill in Meservey amounts to $1,965, falling below the national median of $2,690. Property taxes in Meservey are calculated based on the assessed value, which is often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Meservey'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 Meservey or another part of Wright County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Meservey, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.27%
Estimate Property Tax Bill
$2,072
Ownwell’s Meservey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Meservey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Meservey 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 Meservey, Iowa
Property taxes in Meservey, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Meservey is 1.27%, which is significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Meservey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Meservey 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 Meservey's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50457 zip code has the highest median property tax rate of 1.27%, while the same zip code also has the lowest median tax rate of 1.27%. Understanding how these cities compare with Meservey provides valuable insights into the varying tax landscape across Wright County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Meservey Tax Rate
1.27%
Average Wright County Tax Rate
1.74%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Meservey, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50457 | 1.17% | 1.24% | 1.27% | 1.35% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Meservey, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Meservey, Iowa. 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 Wright 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. Assessment notices in Meservey 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 Meservey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,965, found in zip code 50457, which also has the lowest median tax bill at the same value.
Average Meservey Assessed Value
$163,150
Average Wright County Assessed Value
$98,800
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Meservey, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50457 | $125,050 | $140,775 | $163,150 | $219,275 | $300,900 |
Source: Ownwell
Property Tax Bills Across Meservey, Iowa
In Meservey, Wright 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 then multiplied by the local tax rate to determine the annual tax bill. Factors such as the home's location, size, and any improvements can influence its assessed value. Homeowners in Meservey can expect varying tax bills, with the 25th percentile at $1,700 and the 75th percentile reaching $2,962. The 90th percentile tax bill can go up to $3,875, indicating a significant range depending on property characteristics. The median home price in Meservey stands at $163,150, and with a property tax rate higher than the national median of 0.99%, homeowners may find their tax obligations notably impactful. Understanding these factors is crucial for homeowners as property taxes contribute to local services and infrastructure, directly affecting the community's quality of life.
Average Meservey Tax Bill
$1,965
Average Wright County Tax Bill
$1,678
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Meservey, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50457 | $1,635 | $1,700 | $1,965 | $2,962 | $3,875 |
Source: Ownwell