Gilman, Marshall County, Iowa Property Taxes
The median property tax rate in Gilman, IA is 1.16%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Gilman, the typical annual property tax bill reaches $1,309, falling below the national median of $2,690. Property taxes in Gilman 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 Gilman'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 Gilman 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
Gilman, Marshall County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$1,370
$1,271
Ownwell’s Gilman Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Gilman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gilman 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 Gilman, Marshall County, Iowa
Property taxes in Gilman, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gilman is 1.16%, which is higher than the U.S. national median of 0.99%. Local government entities within Gilman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gilman 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 Gilman's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50106 has the highest median property tax rate of 1.16%, while the same zip code also has the lowest median tax rate of 1.16%. Understanding how these cities compare with Gilman provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gilman Tax Rate
1.16%
Average Marshall County Tax Rate
1.58%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gilman, Marshall County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50106 | 0.79% | 0.96% | 1.16% | 1.31% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Gilman, Marshall County, Iowa
In Gilman, 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 Marshall 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 Gilman, 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 Gilman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price is $118,080, with tax bills ranging from $799 at the 25th percentile to $2,712 at the 90th percentile. Notably, the zip code 50106 has the highest and lowest median tax bill at $1,309.
Property Tax Assessment Values Across Gilman, Marshall County, Iowa
Source: Ownwell
$31,865
$126,573
$221,280
Average Gilman Assessed Value
$118,080
Average Marshall County Assessed Value
$128,210
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gilman, Marshall County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50106 | $39,165 | $75,382 | $118,080 | $177,072 | $244,361 |
Source: Ownwell
Property Tax Bills Across Gilman, Marshall County, Iowa
In Gilman, 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 property tax rate to generate the annual tax bill. For instance, the median home price in Gilman is $118,080. The tax bills can vary significantly; the 25th percentile tax bill is $799, while the 75th percentile tax bill reaches $1,868, and the 90th percentile tax bill can go up to $2,712. These variations highlight how different factors, such as the specific property’s assessed value and any applicable exemptions, influence the final tax amount. Compared to the national median property tax rate of 0.99%, Gilman’s rates can present a relatively moderate burden on homeowners. Understanding these elements is crucial for homeowners as property taxes are a significant annual expense, impacting overall housing affordability and financial planning.
Average Gilman Tax Bill
$1,309
Average Marshall County Tax Bill
$1,909
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Gilman, Marshall County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50106 | $481 | $799 | $1,309 | $1,868 | $2,712 |
Source: Ownwell