Meservey, Iowa Property Taxes
The median property tax rate in Meservey, IA is 1.35%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Meservey at $48,130, the typical annual property tax bill reaches $617, which is significantly lower than the national median of $2,690. Property taxes in Meservey are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as the 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 the city, 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
1.35%
Estimate Property Tax Bill
$650
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 1.35%, significantly higher than both the Iowa state median of 1.29% 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 zip code 50457 has the highest median property tax rate of 1.35%, while the same zip code also has the lowest median tax rate of 1.35%. Understanding how these areas compare with Meservey 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 Meservey Tax Rate
1.35%
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 Meservey, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50457 | 0.67% | 1.16% | 1.35% | 1.60% | 1.62% |
Source: Ownwell
Property Tax Assessment Values Across Meservey, Iowa
In Meservey, 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 Meservey, 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 Meservey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $617, found in the 50457 zip code.
Average Meservey Assessed Value
$48,130
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 Meservey, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50457 | $20,408 | $31,905 | $48,130 | $71,525 | $196,650 |
Source: Ownwell
Property Tax Bills Across Meservey, Iowa
In Meservey, located in Cerro Gordo County, IA, property tax bills are calculated based on the assessed value of a home. The median home price in Meservey is $48,130, which serves as a baseline for determining tax obligations. The assessed value is multiplied by the local property tax rate to generate the tax bill. Several factors influence this calculation, including property size, location, and any applicable exemptions or deductions. Homeowners in Meservey experience varying tax bills. For instance, the 25th percentile tax bill is around $450, while the 75th percentile tax bill reaches $948. Those in the 90th percentile may see tax bills as high as $1,400. This variation can significantly impact household budgets, especially when compared to the national median property tax rate of 0.99%. Understanding how property tax bills are determined helps homeowners in Meservey plan their finances more effectively. By knowing the assessed value and applicable tax rates, they can anticipate their annual property tax expenses and manage their budgets accordingly.
Average Meservey Tax Bill
$617
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 Meservey, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50457 | $260 | $450 | $617 | $948 | $1,400 |
Source: Ownwell