Floyd, Iowa Property Taxes
The median property tax rate in Floyd, IA is 1.02%, slightly above the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Floyd at $220,410, the typical annual property tax bill is about $2,258, which is below the national median of $2,690. Property taxes in Floyd are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Navigating Floyd's property tax system, exploring available exemptions, and finding opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Floyd or another part of the county, understanding the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Floyd, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,248
Ownwell’s Floyd Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Floyd with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Floyd 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 Floyd, Iowa
Property taxes in Floyd, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Floyd is 1.33%, which is higher than both the Iowa state median of 1.29% and the U.S. national median of 0.99%. Local government entities within Floyd set these rates annually, and they can vary significantly across different neighborhoods. Each year, Floyd 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 Floyd's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50435 zip code has the highest median property tax rate of 1.33%, while the same zip code also has the lowest median tax rate of 1.33%. Understanding how these cities compare with Floyd provides valuable insights into the varying tax landscape across Floyd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Floyd Tax Rate
1.02%
Average Mitchell County Tax Rate
1.25%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Floyd, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50435 | 1.02% | 1.02% | 1.02% | 1.02% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Floyd, Iowa
In Floyd, 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 local 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 Floyd, 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 Floyd helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Floyd is $220,410, with the median tax bill being $2,258. The zip code 50435 has both the highest and lowest median tax bill at $2,258, highlighting the uniformity in property tax assessments within the area.
Average Floyd Assessed Value
$220,410
Average Mitchell County Assessed Value
$146,070
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Floyd, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50435 | $220,410 | $220,410 | $220,410 | $220,410 | $220,410 |
Source: Ownwell
Property Tax Bills Across Floyd, Iowa
In Floyd, located in Mitchell County, IA, property tax bills are calculated based on the assessed value of the home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. For homeowners in Floyd, the median home price stands at $220,410. Property tax rates in this region are then applied to the assessed value to determine the annual tax bill. Several factors influence the tax bill, including the local tax rate and any applicable exemptions or deductions. For instance, the median property tax bill in Floyd is $2,258, which is higher than the national median property tax rate of 0.99%. This means that homeowners in Floyd may experience a higher tax burden compared to other regions. Understanding how these factors affect your property tax bill can help homeowners better manage their finances and anticipate annual expenses.
Average Floyd Tax Bill
$2,258
Average Mitchell County Tax Bill
$1,776
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Floyd, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50435 | $2,258 | $2,258 | $2,258 | $2,258 | $2,258 |
Source: Ownwell