Milton, Iowa Property Taxes
The median property tax rate in Milton, IA is 1.60%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Milton, the typical annual property tax bill reaches $1,840, which is below the national median of $2,690. Property taxes in Milton 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 Milton'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 Milton 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
Milton, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.6%
Estimate Property Tax Bill
$1,824
Ownwell’s Milton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milton 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 Milton, Iowa
Property taxes in Milton, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milton is 1.60%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Milton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milton 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 Milton's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52570 zip code has both the highest and lowest median property tax rate of 1.60%. Understanding how these cities compare with Milton provides valuable insights into the varying tax landscape across Davis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milton Tax Rate
1.60%
Average Davis County Tax Rate
1.75%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52570 | 1.38% | 1.48% | 1.60% | 1.78% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across Milton, Iowa
In Milton, 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 Davis County Appraisal District 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 Milton, 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 Milton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Milton are both $1,840, found in the 52570 zip code.
Average Milton Assessed Value
$114,025
Average Davis County Assessed Value
$127,685
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52570 | $44,279 | $76,715 | $114,025 | $172,735 | $212,639 |
Source: Ownwell
Property Tax Bills Across Milton, Iowa
In Milton, Davis County, IA, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the county assessor and reflects a percentage of the property's market value. For example, with a median home price of $114,025, the tax bill can vary significantly. Homeowners in the 25th percentile can expect to pay around $1,121, while those in the 75th percentile might see bills as high as $2,902. The 90th percentile tax bill can reach up to $3,537. The property tax rate in Milton is influenced by local government budgets and the needs of public services, such as schools and infrastructure. These rates can fluctuate annually based on budgetary requirements and economic conditions. Compared to the national median property tax rate of 0.99%, Milton's tax rates can be seen as relatively high, impacting homeowners by increasing their annual expenses. Understanding these factors is crucial for homeowners when budgeting and planning for future financial obligations.
Average Milton Tax Bill
$1,840
Average Davis County Tax Bill
$2,254
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Milton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52570 | $602 | $1,121 | $1,840 | $2,902 | $3,537 |
Source: Ownwell