Millersburg, Iowa Property Taxes
The median property tax rate in Millersburg, IA is 1.35%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $47,930, the typical annual property tax bill in Millersburg is $576, significantly below the national median of $2,690. Property taxes in Millersburg are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Millersburg'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 Millersburg or another part of Iowa County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Millersburg, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$647
Ownwell’s Millersburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Millersburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Millersburg 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 Millersburg, Iowa
Property taxes in Millersburg, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Millersburg is 1.35%, significantly higher than the U.S. national median of 0.99%. Local government entities within Millersburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Millersburg 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 Millersburg's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52308 zip code has the highest median property tax rate of 1.35%, while the same zip code also has the lowest median tax rate of 1.35%. Understanding how these areas compare with Millersburg provides valuable insights into the varying tax landscape across Iowa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Millersburg Tax Rate
1.35%
Average Iowa County Tax Rate
1.36%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Millersburg, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52308 | 1.05% | 1.15% | 1.35% | 1.55% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Millersburg, Iowa
In Millersburg, 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 Iowa 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 Millersburg, 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. The median home price in Millersburg stands at $47,930, and the tax bills vary significantly, with the 25th percentile at $193 and the 75th percentile at $1,033. Notably, the highest and lowest median tax bills both amount to $576 in the 52308 zip code. 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 Millersburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Millersburg Assessed Value
$47,930
Average Iowa County Assessed Value
$157,090
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Millersburg, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52308 | $4,562 | $13,220 | $47,930 | $78,160 | $108,888 |
Source: Ownwell
Property Tax Bills Across Millersburg, Iowa
In Millersburg, property tax bills are determined based on the assessed value of a home, which is then multiplied by the local tax rate. The median home price in Millersburg is $47,930, and the tax rate is applied to this assessed value to calculate the annual tax bill. Several factors influence the tax bill, including the home's market value, any applicable exemptions, and the specific tax rate set by local authorities. For example, homeowners in Millersburg typically see tax bills ranging from $193 at the 25th percentile to $1,480 at the 90th percentile, with the highest median tax bill recorded at $576. This means that while some homeowners may pay relatively low property taxes, others could face significantly higher amounts depending on their property's assessed value and applicable tax rates. Understanding these factors is crucial for homeowners as it directly impacts their annual financial obligations and overall budget planning.
Average Millersburg Tax Bill
$576
Average Iowa County Tax Bill
$2,134
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Millersburg, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52308 | $62 | $193 | $576 | $1,033 | $1,480 |
Source: Ownwell