Truro, Clarke County, Iowa Property Taxes
The median property tax rate in Truro, IA is 1.89%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Truro, the typical annual property tax bill reaches $3,338, exceeding the national median of $2,690. Property taxes in Truro are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Truro'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 Truro 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
Truro, Clarke County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.89%
Estimate Property Tax Bill
$3,294
$3,057
Ownwell’s Truro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Truro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Truro 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 Truro, Clarke County, Iowa
Property taxes in Truro, Iowa, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Truro is 1.89%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Truro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Truro 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 Truro's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50257 zip code has the highest median property tax rate of 1.89%, while the same 50257 zip code also has the lowest median tax rate of 1.89%. Understanding how these cities compare with Truro provides valuable insights into the varying tax landscape across Clarke County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Truro Tax Rate
1.89%
Average Clarke County Tax Rate
1.89%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Truro, Clarke County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50257 | 1.58% | 1.71% | 1.89% | 2.10% | 2.37% |
Source: Ownwell
Property Tax Assessment Values Across Truro, Clarke County, Iowa
In Truro, 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 Clarke 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 Truro, 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 Truro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Truro is $174,285, with annual tax bills ranging from $2,298 at the 25th percentile to $5,216 at the 90th percentile. The zip code 50257 has both the highest and lowest median tax bill at $3,338.
Property Tax Assessment Values Across Truro, Clarke County, Iowa
Source: Ownwell
$89,270
$133,900
$178,530
Average Truro Assessed Value
$174,285
Average Clarke County Assessed Value
$115,600
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Truro, Clarke County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50257 | $73,733 | $110,205 | $174,285 | $259,322 | $318,874 |
Source: Ownwell
Property Tax Bills Across Truro, Clarke County, Iowa
Property tax bills in Truro, located in Clarke County, IA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This market value is then multiplied by an assessment ratio to arrive at the assessed value. The local tax rate, which is set by various taxing authorities within the county, is applied to this assessed value to determine the final tax bill. Several factors influence the tax bill, including property size, location, and any improvements made to the property. For instance, the median home price in Truro is $174,285, and property tax bills can vary significantly. Homeowners in the 25th percentile pay around $2,298, while those in the 75th percentile face bills as high as $4,502, and the 90th percentile reaches $5,216. This variability affects homeowners differently, impacting their financial planning and overall cost of living. Understanding these factors can help homeowners anticipate their property tax obligations more accurately.
Average Truro Tax Bill
$3,338
Average Clarke County Tax Bill
$2,187
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Truro, Clarke County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50257 | $1,248 | $2,298 | $3,338 | $4,502 | $5,216 |
Source: Ownwell