Melbourne, Marshall County, Iowa Property Taxes
The median property tax rate in Melbourne, Iowa is 1.18%, considerably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Melbourne at $153,220, the typical annual property tax bill reaches $1,700, which is below the national median of $2,690. Property taxes in Melbourne 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 Melbourne'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 Melbourne or another part of Marshall County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Melbourne, Marshall County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$1,808
$1,678
Ownwell’s Melbourne Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Melbourne with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Melbourne 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 Melbourne, Marshall County, Iowa
Property taxes in Melbourne, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Melbourne is 1.18%, which is higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Melbourne set these rates annually, and they can vary significantly across different neighborhoods. Each year, Melbourne 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 Melbourne's effective property tax rate to other areas within Marshall County and the national median. For comparison, the zip code 50162 has the highest median property tax rate of 1.18%, while the same zip code also features the lowest median tax rate of 1.18%. Understanding how these areas compare with Melbourne 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 Melbourne Tax Rate
1.18%
Average Marshall County Tax Rate
1.58%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Melbourne, Marshall County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50162 | 0.84% | 0.99% | 1.18% | 1.29% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Melbourne, Marshall County, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Melbourne, Iowa. The market value represents 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 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 Melbourne, 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Melbourne are both $1700, found in zip code 50162.
Property Tax Assessment Values Across Melbourne, Marshall County, Iowa
Source: Ownwell
$31,865
$126,573
$221,280
Average Melbourne Assessed Value
$153,220
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 Melbourne, Marshall County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50162 | $72,210 | $101,250 | $153,220 | $203,340 | $266,040 |
Source: Ownwell
Property Tax Bills Across Melbourne, Marshall County, Iowa
In Melbourne, Marshall County, IA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Melbourne experience a range of property tax bills, with the 25th percentile paying around $1,096 and the 75th percentile facing bills up to $2,372. The 90th percentile of homeowners sees tax bills as high as $3,136. For context, the national median property tax rate is 0.99%, making Melbourne's property tax landscape relatively comparable to other regions. The highest median tax bill in the area is $1,700, found in the 50162 zip code, which also represents the lowest median tax bill, indicating a consistency in tax rates within that locality. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for Melbourne residents.
Average Melbourne Tax Bill
$1,700
Average Marshall County Tax Bill
$1,909
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Melbourne, Marshall County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50162 | $721 | $1,096 | $1,700 | $2,372 | $3,136 |
Source: Ownwell