Melvin, Iowa Property Taxes
The median property tax rate in Melvin, IA is 0.78%, considerably lower than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Melvin at $236,190, the typical annual property tax bill reaches $2,152, which is still below the national median of $2,690. Property taxes in Melvin 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 Melvin'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 Melvin or another part of O'Brien County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Melvin, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$1,842
Ownwell’s Melvin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Melvin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Melvin 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 Melvin, Iowa
Property taxes in Melvin, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Melvin is 0.78%, which is lower than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Melvin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Melvin 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 Melvin's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 51350 has the highest median property tax rate of 0.78%, while the same zip code also has the lowest median tax rate of 0.78%. Understanding how these cities compare with Melvin provides valuable insights into the varying tax landscape across O'Brien County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Melvin Tax Rate
0.78%
Average O'brien County Tax Rate
1.20%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Melvin, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51350 | 0.76% | 0.77% | 0.78% | 0.94% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Melvin, Iowa
In Melvin, 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 O'Brien 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 Melvin, 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 Melvin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Melvin are both $2,152, found in zip code 51350.
Average Melvin Assessed Value
$236,190
Average O'brien County Assessed Value
$120,840
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Melvin, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51350 | $110,654 | $157,730 | $236,190 | $260,750 | $275,486 |
Source: Ownwell
Property Tax Bills Across Melvin, Iowa
In Melvin, IA, located in O'Brien County, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. The median home price in Melvin is $236,190, and homeowners can expect varying tax bills depending on their property's value and specific circumstances. For example, the 25th percentile tax bill is $1,385, while the 75th percentile tax bill is $2,365, and the 90th percentile tax bill reaches $2,493. These figures indicate that homeowners in Melvin may experience a range of tax obligations, with higher-value properties incurring higher taxes. The median property tax rate in Melvin is significantly higher than the national median rate of 0.99%, reflecting the local government's funding needs and priorities. Understanding these factors can help homeowners anticipate their annual property tax expenses and plan their finances accordingly.
Average Melvin Tax Bill
$2,152
Average O'brien County Tax Bill
$1,404
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Melvin, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51350 | $925 | $1,385 | $2,152 | $2,365 | $2,493 |
Source: Ownwell