May City, Osceola County, Iowa Property Taxes
The median property tax rate in May City, IA is 0.92%, which is lower than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in May City, the typical annual property tax bill reaches $366, significantly less than the national median of $2,690. Property taxes in May City 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 May 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 May City 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
May City, Osceola County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$389
$361
Ownwell’s MAY CITY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MAY CITY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MAY 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 May City, Osceola County, Iowa
Property taxes in May City, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in May City is 0.92%, slightly below the U.S. national median of 0.99%. Local government entities within May City set these rates annually, and they can vary significantly across different neighborhoods. Each year, May 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 May City's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51354 zip code has both the highest and lowest median property tax rate of 0.92%. Understanding how these areas compare with May City provides valuable insights into the varying tax landscape across Osceola County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average May City Tax Rate
0.92%
Average Osceola County Tax Rate
1.21%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across May City, Osceola County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51354 | 0.61% | 0.75% | 0.92% | 1.13% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across May City, Osceola County, Iowa
In May 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 Osceola 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 May 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 in May City is $42,265, with tax bills ranging from $186 at the 25th percentile to $716 at the 90th percentile. The highest and lowest median tax bills are both $366, found in zip code 51354. By understanding 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 May City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across May City, Osceola County, Iowa
Source: Ownwell
$16,340
$87,140
$157,940
Average May City Assessed Value
$42,265
Average Osceola County Assessed Value
$99,340
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across May City, Osceola County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51354 | $16,476 | $26,615 | $42,265 | $58,620 | $68,325 |
Source: Ownwell
Property Tax Bills Across May City, Osceola County, Iowa
In May City, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in May City is $42,265. Property taxes are influenced by several factors, including the assessed value and the tax rate set by local authorities. For homeowners, the tax bill can vary significantly. For instance, the 25th percentile tax bill is $186, while the 75th percentile tax bill is $570. At the 90th percentile, homeowners might see a tax bill of $716. These tax bills are essential as they fund local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, the property tax rate in May City can be seen as relatively moderate. Homeowners should be aware of these factors as they directly impact their annual expenses and the overall affordability of owning property in the area.
Average May City Tax Bill
$366
Average Osceola County Tax Bill
$1,157
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across May City, Osceola County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51354 | $102 | $186 | $366 | $570 | $716 |
Source: Ownwell