Royal, Clay County, Iowa Property Taxes
The median property tax rate in Royal, IA is 1.17%, which is notably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $85,550 in Royal, the typical annual property tax bill amounts to $977, falling below the national median of $2,690. Property taxes in Royal are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Royal'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 Royal 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
Royal, Clay County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$1,001
$929
Ownwell’s Royal Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Royal with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Royal 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 Royal, Clay County, Iowa
Property taxes in Royal, Iowa, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Royal is 1.17%, which is notably higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Royal set these rates annually, and they can vary significantly across different neighborhoods. Each year, Royal 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 Royal's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51357 zip code has the highest median property tax rate of 1.17%, while the same zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Royal 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 Royal Tax Rate
1.17%
Average Clay County Tax Rate
1.37%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Royal, Clay County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51357 | 0.80% | 0.96% | 1.17% | 1.30% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Royal, Clay County, Iowa
In ROYAL, 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 ROYAL, 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 ROYAL 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 both stand at $977.00, with the zip code 51357.
Property Tax Assessment Values Across Royal, Clay County, Iowa
Source: Ownwell
$57,080
$137,660
$218,240
Average Royal Assessed Value
$85,550
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 Royal, Clay County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51357 | $23,075 | $46,650 | $85,550 | $138,458 | $236,020 |
Source: Ownwell
Property Tax Bills Across Royal, Clay County, Iowa
In Royal, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value reflects the market value of the property, taking into account factors like location, size, and condition. For homeowners in Royal, the median home price stands at $85,550. Property tax rates in this city are influenced by various local levies and county needs, resulting in a median property tax bill of $977, which is slightly below the national median of 0.99%. Homeowners in Royal can expect their tax bills to vary significantly. For instance, those in the 25th percentile pay around $508, while those in the 75th percentile face bills of approximately $1,478. At the 90th percentile, tax bills can reach up to $2,333. These variations highlight the impact of property value assessments and local tax rates on individual tax obligations. Understanding these factors is crucial for homeowners to anticipate their financial responsibilities and plan accordingly.
Average Royal Tax Bill
$977
Average Clay County Tax Bill
$1,910
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Royal, Clay County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51357 | $208 | $508 | $977 | $1,478 | $2,333 |
Source: Ownwell