Manly, Iowa Property Taxes
The median property tax rate in Manly, IA is 0.79%, which is notably lower than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Manly at $210,470, the typical annual property tax bill amounts to $1,160, significantly below the national median of $2,690. Property taxes in Manly 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 Manly'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 Manly 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
Manly, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$1,663
Ownwell’s Manly Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Manly with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Manly 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 Manly, Iowa
Property taxes in Manly, Iowa, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Manly is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Manly set these rates annually, and they can vary significantly across different neighborhoods. Each year, Manly 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 Manly's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50456 has both the highest and lowest median property tax rate of 0.79%. Understanding how these cities compare with Manly provides valuable insights into the varying tax landscape across Cerro Gordo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Manly Tax Rate
0.79%
Average Cerro Gordo County Tax Rate
1.43%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Manly, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50456 | 0.33% | 0.38% | 0.79% | 0.95% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Manly, Iowa
In Manly, 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 Cerro Gordo 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 Manly, 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 Manly helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median property tax bill in Manly is $1,160, with the highest and lowest median tax bills both recorded in the 50456 zip code.
Average Manly Assessed Value
$210,470
Average Cerro Gordo County Assessed Value
$157,690
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Manly, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50456 | $151,280 | $156,710 | $210,470 | $227,230 | $247,912 |
Source: Ownwell
Property Tax Bills Across Manly, Iowa
In Manly, located in Cerro Gordo County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is then multiplied by the property tax rate set by local taxing authorities. The median home price in Manly is $210,470, and homeowners can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is $758, while the 75th percentile tax bill reaches $1,992. At the 90th percentile, the tax bill can be as high as $2,110. Several factors influence these tax bills, including the home's assessed value, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Manly's tax rates may seem manageable, but they still represent a significant financial consideration for homeowners. Understanding how these factors interplay helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Manly Tax Bill
$1,160
Average Cerro Gordo County Tax Bill
$2,032
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Manly, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50456 | $660 | $758 | $1,160 | $1,992 | $2,110 |
Source: Ownwell