Silver City, Iowa Property Taxes
The median property tax rate in Silver City, IA is 1.37%, 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 Silver City at $196,347, the typical annual property tax bill amounts to $2,632, slightly below the national median of $2,690. Property taxes in Silver City are calculated based on the tax assessed value, which often falls below market value due to exemptions like the primary residence and agricultural exemptions. Understanding Silver City'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 Silver City or another part of Mills County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Silver City, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$2,690
Ownwell’s Silver City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Silver City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Silver City 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 Silver City, Iowa
Property taxes in Silver City, Iowa, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Silver City is 1.37%, which is notably higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Silver City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Silver City 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 Silver City's effective property tax rate to other counties in Iowa and the national median. For comparison, the ZIP code 51571 has both the highest and lowest median property tax rate of 1.37%. Understanding how these areas compare with Silver City provides valuable insights into the varying tax landscape across Mills County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Silver City Tax Rate
1.37%
Average Mills County Tax Rate
1.36%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Silver City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51571 | 1.20% | 1.29% | 1.37% | 1.48% | 1.62% |
Source: Ownwell
Property Tax Assessment Values Across Silver City, Iowa
In Silver City, 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 Mills 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 Silver City, 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 here stands at $196,347, with tax bills ranging from $1,540 at the 25th percentile to $5,404 at the 90th percentile. The highest and lowest median tax bills are both $2,632, found in the 51571 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 Silver City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Silver City Assessed Value
$196,347
Average Mills County Assessed Value
$206,856
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Silver City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51571 | $34,728 | $110,059 | $196,347 | $304,381 | $425,678 |
Source: Ownwell
Property Tax Bills Across Silver City, Iowa
In Silver City, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is a percentage of the home's market value, and it serves as the basis for the property tax rate. The tax rate is set by various local taxing authorities, including the county, school districts, and other special districts within Mills County. Several factors influence the final tax bill, such as property improvements, neighborhood developments, and changes in the local tax rate. For example, a median home in Silver City, priced at $196,347, can expect a tax bill ranging from $1,540 at the 25th percentile to $5,404 at the 90th percentile. The highest median tax bill in the area is $2,632, which aligns with the national median property tax rate of 0.99%. For homeowners, this means that property taxes can significantly impact annual expenses, making it essential to understand how these factors come into play.
Average Silver City Tax Bill
$2,632
Average Mills County Tax Bill
$3,154
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Silver City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51571 | $588 | $1,540 | $2,632 | $3,979 | $5,404 |
Source: Ownwell