Meservey, Franklin County, Iowa Property Taxes
The median property tax rate in Meservey, IA is 1.12%, slightly above the national median of 0.99% but below the Iowa state median of 1.54%. With the median home value in Meservey at $206,600, the typical annual property tax bill reaches $2,374, which is under the national median of $2,690. Property taxes in Meservey are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Meservey'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 Meservey or another part of Franklin County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Meservey, Franklin County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$2,314
$2,147
Ownwell’s Meservey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Meservey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Meservey 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 Meservey, Franklin County, Iowa
Property taxes in Meservey, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Meservey is 1.12%, which is significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Meservey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Meservey 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 Meservey's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50457 has both the highest and lowest median property tax rate of 1.12%. Understanding how these cities compare with Meservey provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Meservey Tax Rate
1.12%
Average Franklin County Tax Rate
1.64%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Meservey, Franklin County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50457 | 0.97% | 1.02% | 1.12% | 1.26% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Meservey, Franklin County, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Meservey, Iowa. 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 Franklin 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. Assessment notices in Meservey 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. For instance, the median home price in Meservey is $206,600, resulting in various tax bills depending on the assessed value and applicable exemptions. The lowest median tax bill is $1,798, while the highest is $3,629. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. This awareness helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Meservey, Franklin County, Iowa
Source: Ownwell
$22,450
$114,525
$206,600
Average Meservey Assessed Value
$206,600
Average Franklin County Assessed Value
$103,400
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Meservey, Franklin County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50457 | $134,000 | $169,900 | $206,600 | $248,900 | $324,600 |
Source: Ownwell
Property Tax Bills Across Meservey, Franklin County, Iowa
In Meservey, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local property tax rate to arrive at the annual tax bill. For instance, the median home price in Meservey is $206,600, and the property tax rate in Franklin County can result in varying tax bills. Homeowners in the 25th percentile can expect to pay around $1,798 annually, while those in the 75th percentile might see bills close to $2,997. At the higher end, in the 90th percentile, tax bills can reach up to $3,629. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Comparatively, the national median property tax rate is 0.99%, making it crucial for homeowners to understand how local rates and assessed values affect their financial obligations. Understanding these factors helps homeowners plan better and potentially appeal their tax assessments if they believe their property has been overvalued.
Average Meservey Tax Bill
$2,374
Average Franklin County Tax Bill
$1,653
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Meservey, Franklin County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50457 | $256 | $1,798 | $2,374 | $2,997 | $3,629 |
Source: Ownwell