Spencer, Clay County, Iowa Property Taxes
Median Spencer, IA effective property tax rate: 1.43%, significantly higher than the national median of 1.02%, but lower than the Iowa state median of 1.54%.
Median Spencer, IA home value: $158,530
Median annual Spencer, IA tax bill: $2,181, $219 lower than the national median property tax bill of $2,400.
How are property taxes in Clay County calculated?
Property taxes in Spencer, IA are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Spencer’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Spencer, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Spencer, Clay County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.43%
Estimate Property Tax Bill
$2,267
$2,104
Property Tax Rates Across Spencer, Clay County, Iowa
Local government entities in Spencer, located in Clay County, IA, set tax rates that can vary significantly within the state. Each year, counties estimate their required budget to provide essential services and divide that by the total value of all taxable property within their jurisdiction. This process determines the property tax rate. While votes and laws play a role in setting these rates and budgets, this is essentially how it works annually.
In Spencer, the effective property tax rate is 1.43%, which aligns with the highest and lowest rates in the state, as reflected in the zip code 51301. This rate is notably higher than the national median property tax rate of 1.02%. Comparatively, the median property tax rate in Iowa is also 1.43%.
Understanding Spencer's property tax rate in the context of state and national averages can help homeowners make informed decisions about property ownership and investment in the area.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Spencer Tax Rate
1.43%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Clay County Tax Rate
1.37%
Median Effective Iowa Tax Rate
1.54%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Spencer, Clay County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51301 | 1.10% | 1.33% | 1.43% | 1.51% | 1.57% |
Source: Ownwell
Property Tax Assessment Values Across Spencer, Clay County, Iowa
When examining property taxes in Spencer, IA, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Clay County Assessor estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Clay County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Spencer. For example, the median home price in Spencer is $158,530, with tax bills ranging significantly across the county. 51301 has the highest median home price at $158,530.
Property Tax Assessment Values Across Spencer, Clay County, Iowa
Source: Ownwell
$57,080
$137,660
$218,240
Median Spencer Market Value
$158,530
Median Clay County Market Value
$145,050
Median Iowa Market Value
$167,100
Median United States Market Value
$235,294
Property Tax Assessment Values Across Spencer, Clay County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51301 | $67,132 | $106,520 | $158,530 | $226,680 | $331,996 |
Source: Ownwell
Property Tax Bills Across Spencer, Clay County, Iowa
In Spencer, located in Clay County, Iowa, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate various factors, including the property's market value, size, and location. Homeowners in Spencer face a median property tax bill of $2,181, which is slightly below the national median of $2,400. However, tax bills can vary significantly, with amounts ranging from $1,458 at the 25th percentile to $4,696 at the 90th percentile. This variation highlights the importance of ensuring your property's assessed value is accurate to avoid overpaying.
Ownwell assists homeowners by providing expert property tax appeal services. Our team reviews your property’s assessment to identify discrepancies and potential savings. By appealing incorrect assessments, we help reduce your property tax burden, potentially saving you hundreds or thousands of dollars annually. Trust Ownwell to ensure you're not paying more than your fair share in property taxes.
Median Spencer Tax Bill
$2,181
Median Clay County Tax Bill
$1,910
Median Iowa Tax Bill
$2,508
Median United States Tax Bill
$2,400
Property Tax Bills Across Spencer, Clay County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51301 | $962 | $1,458 | $2,181 | $3,182 | $4,696 |
Source: Ownwell