Story City, Boone County, Iowa Property Taxes
The median property tax rate in Story City, IA is 1.08%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $243,555 in Story City, the typical annual property tax bill amounts to $2,432, which is below the national median of $2,690. Property taxes in Story City are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Story City’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 Story City 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
Story City, Boone County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$2,630
$2,441
Ownwell’s Story City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Story City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Story 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 Story City, Boone County, Iowa
Property taxes in Story City, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Story City is 1.08%, which is higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Story City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Story 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 Story City's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50248 zip code has both the highest and lowest median property tax rate of 1.08%. Understanding how these cities compare with Story City provides valuable insights into the varying tax landscape across Boone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Story City Tax Rate
1.08%
Average Boone County Tax Rate
1.33%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Story City, Boone County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50248 | 1.00% | 1.02% | 1.08% | 1.12% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Story City, Boone County, Iowa
In Story City, 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 Boone 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 Story 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. Being aware of these valuation processes in Story City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, zip code 50248 has the highest and lowest median tax bill at $2,432, highlighting the importance of understanding your specific tax situation.
Property Tax Assessment Values Across Story City, Boone County, Iowa
Source: Ownwell
$43,754
$227,632
$411,509
Average Story City Assessed Value
$243,555
Average Boone County Assessed Value
$185,354
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Story City, Boone County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50248 | $144,711 | $174,077 | $243,555 | $389,674 | $597,497 |
Source: Ownwell
Property Tax Bills Across Story City, Boone County, Iowa
In Story City, property tax bills are determined based on the assessed value of a home and the local tax rate. Homeowners in Boone County, where Story City is located, see their tax bills influenced by the assessed value of their property, which reflects its market value. For example, the median home price in Story City is $243,555. The property tax rate is applied to this assessed value to calculate the annual tax bill. Factors that affect the tax bill include the home's assessed value, local tax rates, and any applicable exemptions or deductions. For homeowners in the 25th percentile, tax bills are around $2,014, while those in the 75th percentile see amounts closer to $4,050. At the 90th percentile, tax bills can reach up to $6,286. These figures illustrate how property taxes can vary significantly within the same area, impacting homeowners differently based on their property's value. Comparing this to the national median property tax rate of 0.99%, Story City’s rates are relatively aligned, ensuring that homeowners contribute fairly to local services and infrastructure.
Average Story City Tax Bill
$2,432
Average Boone County Tax Bill
$2,464
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Story City, Boone County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50248 | $1,712 | $2,014 | $2,432 | $4,050 | $6,286 |
Source: Ownwell