Gillett Grove, Clay County, Iowa Property Taxes
The median property tax rate in Gillett Grove, IA is 1.30%, 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 Gillett Grove at $57,080, the typical annual property tax bill reaches $886, falling below the national median of $2,690. Property taxes in Gillett Grove are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Gillett Grove'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 Gillett Grove 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
Gillett Grove, Clay County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.3%
Estimate Property Tax Bill
$742
$689
Ownwell’s Gillett Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gillett Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gillett Grove 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 Gillett Grove, Clay County, Iowa
Property taxes in Gillett Grove, Iowa, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Gillett Grove is 1.30%, which is higher than the U.S. national median of 0.99%. Local government entities within Gillett Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gillett Grove 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 Gillett Grove's effective property tax rate to other areas in Iowa and the national median. For comparison, the highest and lowest median property tax rates in Clay County are both 1.30%, matching Gillett Grove's rate. Understanding how these cities compare with Gillett Grove provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gillett Grove Tax Rate
1.30%
Average Clay County Tax Rate
1.37%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gillett Grove, Clay County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51341 | 0.95% | 1.11% | 1.30% | 1.72% | 2.05% |
Source: Ownwell
Property Tax Assessment Values Across Gillett Grove, Clay County, Iowa
In Gillett Grove, 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 Clay 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 Gillett Grove, 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 Gillett Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $57,080, with tax bills ranging from $377 at the 25th percentile to $2,220 at the 90th percentile. The zip code 51341 has the highest and lowest median tax bill, both at $886.
Property Tax Assessment Values Across Gillett Grove, Clay County, Iowa
Source: Ownwell
$57,080
$137,660
$218,240
Average Gillett Grove Assessed Value
$57,080
Average Clay County Assessed Value
$145,050
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gillett Grove, Clay County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51341 | $5,068 | $20,540 | $57,080 | $123,430 | $188,282 |
Source: Ownwell
Property Tax Bills Across Gillett Grove, Clay County, Iowa
In Gillett Grove, located in Clay County, IA, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor. This assessed value is then multiplied by the local tax rate to arrive at the annual tax bill. For instance, with a median home price of $57,080, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $377, while at the 75th percentile, it rises to $1,785. For those at the 90th percentile, the tax bill can reach up to $2,220. These figures highlight the range of property taxes homeowners might face depending on the assessed value of their property. Compared to the national median property tax rate of 0.99%, Gillett Grove's property tax rates reflect the local economic conditions and funding needs for public services. The highest and lowest median tax bills in the area are both $886, indicating a relatively consistent tax rate across different properties. Understanding these factors helps homeowners anticipate their annual expenses and plan their finances accordingly.
Average Gillett Grove Tax Bill
$886
Average Clay County Tax Bill
$1,910
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Gillett Grove, Clay County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51341 | $123 | $377 | $886 | $1,785 | $2,220 |
Source: Ownwell