Gray, Iowa Property Taxes
The median property tax rate in Gray, IA is 1.00%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Gray at $55,025, the typical annual property tax bill is around $435, which is significantly below the national median of $2,690. Property taxes in Gray are calculated based on the tax assessed value, which is generally lower than the market value due to various exemptions, such as for primary residences and agricultural properties. Understanding Gray's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Gray or elsewhere in the city, having a grasp of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gray, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$550
Ownwell’s GRAY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in GRAY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in GRAY 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 Gray, Iowa
Property taxes in Gray, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gray is 1.00%, which is higher than the U.S. national median of 0.99%. Local government entities within Gray set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gray 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 Gray's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50110 zip code in Audubon County has the highest median property tax rate of 1.00%, while the same zip code also has the lowest median tax rate of 1.00%. Understanding how these cities compare with Gray provides valuable insights into the varying tax landscape across Audubon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gray Tax Rate
1.00%
Average Audubon County Tax Rate
1.32%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gray, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50110 | 0.56% | 0.83% | 1.00% | 1.29% | 1.68% |
Source: Ownwell
Property Tax Assessment Values Across Gray, Iowa
In Gray, 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 Audubon 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 Gray, 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 Gray helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 50110 has both the highest and lowest median tax bill at $435, reflecting the uniformity in property tax assessments within the area.
Average Gray Assessed Value
$55,025
Average Audubon County Assessed Value
$103,200
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gray, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50110 | $6,629 | $19,190 | $55,025 | $73,168 | $117,299 |
Source: Ownwell
Property Tax Bills Across Gray, Iowa
In Gray, located in Audubon County, IA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local tax assessors and reflects the market value of the property. Homeowners in Gray can expect their property tax bills to vary significantly depending on their home's value. For instance, the 25th percentile tax bill is approximately $262, while the 75th percentile reaches about $626. At the higher end, the 90th percentile tax bill can be around $1026. These property tax bills are influenced by several factors, including the home's assessed value, local tax rates, and any applicable exemptions. The median home price in Gray is $55,025, which is relatively low compared to national averages. Consequently, the property tax burden in Gray is generally more manageable for homeowners. Understanding how these factors interplay helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Gray Tax Bill
$435
Average Audubon County Tax Bill
$1,352
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Gray, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50110 | $105 | $262 | $435 | $626 | $1,026 |
Source: Ownwell