Terril, Clay County, Iowa Property Taxes
The median property tax rate in Terril, IA is 1.21%, which is notably higher than the national median of 0.99%, yet lower than the Iowa state median of 1.54%. With a median home value of $107,130, the typical annual property tax bill in Terril amounts to $1,294, falling short of the national median of $2,690. Property taxes in Terril are determined based on the tax assessed value, which often is lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Gaining a comprehensive understanding of Terril's property tax system, exploring the available exemptions, and pinpointing opportunities for reductions can result in substantial annual savings. Whether you're situated in the heart of Terril or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Terril, Clay County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$1,296
$1,203
Ownwell’s Terril Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Terril with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Terril 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 Terril, Clay County, Iowa
Property taxes in Terril, Iowa, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Terril is 1.21%, significantly higher than the U.S. national median of 0.99%. Local government entities within Terril set these rates annually, and they can vary significantly across different neighborhoods. Each year, Terril 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. Understanding how Terril's effective property tax rate compares with other areas 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 Terril Tax Rate
1.21%
Average Clay County Tax Rate
1.37%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Terril, Clay County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51364 | 1.06% | 1.09% | 1.21% | 1.25% | 1.75% |
Source: Ownwell
Property Tax Assessment Values Across Terril, Clay County, Iowa
In Terril, 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 Terril, 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 Terril helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Terril is $1294, with the zip code 51364, while the lowest is also $1294 in the same zip code.
Property Tax Assessment Values Across Terril, Clay County, Iowa
Source: Ownwell
$57,080
$137,660
$218,240
Average Terril Assessed Value
$107,130
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 Terril, Clay County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51364 | $67,490 | $82,840 | $107,130 | $150,830 | $303,380 |
Source: Ownwell
Property Tax Bills Across Terril, Clay County, Iowa
In Terril, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Terril, the median home price is $107,130. The property tax rate in this area is relatively moderate when compared to the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the assessed value of the property, any applicable exemptions, and the specific tax rate set by local authorities. For instance, homeowners in the 25th percentile can expect to pay around $988 annually, while those in the 75th percentile might see bills as high as $1,828. At the 90th percentile, tax bills can reach up to $3,678. These property taxes significantly affect homeowners by influencing their annual budgeting and overall affordability of homeownership in Terril. Comparatively, the highest and lowest median tax bills in the area both stand at $1,294, indicating a consistent tax structure within this zip code.
Average Terril Tax Bill
$1,294
Average Clay County Tax Bill
$1,910
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Terril, Clay County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51364 | $838 | $988 | $1,294 | $1,828 | $3,678 |
Source: Ownwell