Selma, Davis County, Iowa Property Taxes
The median property tax rate in Selma, IA is 1.71%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Selma, the typical annual property tax bill reaches $1,672, exceeding the national median of $2,690. Property taxes in Selma 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 Selma'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 Selma 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
Selma, Davis County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.71%
Estimate Property Tax Bill
$1,813
$1,683
Ownwell’s Selma Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Selma with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Selma 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 Selma, Davis County, Iowa
Property taxes in Selma, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Selma is 1.71%, significantly higher than the U.S. national median of 0.99%. Local government entities within Selma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Selma 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 Selma's effective property tax rate to other regions in Iowa and the national median. For comparison, the zip code 52588 has both the highest and lowest median property tax rate of 1.71%, reflecting a uniform tax rate across Selma. Understanding how these figures compare with Selma 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 Selma Tax Rate
1.71%
Average Davis County Tax Rate
1.75%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Selma, Davis County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52588 | 1.36% | 1.49% | 1.71% | 1.81% | 2.09% |
Source: Ownwell
Property Tax Assessment Values Across Selma, Davis County, Iowa
In Selma, 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 Selma, 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. Selma's median home price is $106,050, with tax bills ranging from $871 at the 25th percentile to $4,419 at the 90th percentile. 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 Selma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Selma, Davis County, Iowa
Source: Ownwell
$80,650
$122,165
$163,680
Average Selma Assessed Value
$106,050
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 Selma, Davis County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52588 | $25,318 | $48,970 | $106,050 | $183,805 | $272,870 |
Source: Ownwell
Property Tax Bills Across Selma, Davis County, Iowa
In Selma, Davis County, IA, property tax bills are calculated based on the assessed value of your home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine your annual tax bill. For instance, with a median home price of $106,050, homeowners can expect varying tax bills depending on their property's assessed value. The tax bill at the 25th percentile is $871, while at the 75th percentile, it rises to $3,056. The 90th percentile sees a tax bill of $4,419. These variations are influenced by several factors, including property location, improvements, and local government budgets. In Davis County, the highest and lowest median tax bills both stand at $1,672, which is significantly higher than the national median property tax rate of 0.99%. Homeowners in Selma need to be aware of these factors as they can significantly impact their annual expenses and overall financial planning.
Average Selma Tax Bill
$1,672
Average Davis County Tax Bill
$2,254
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Selma, Davis County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52588 | $494 | $871 | $1,672 | $3,056 | $4,419 |
Source: Ownwell