Shelby, Shelby County, Iowa Property Taxes
The median property tax rate in Shelby, IA is 1.12%, 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 Shelby, the typical annual property tax bill amounts to $1,898, falling below the national median of $2,690. Property taxes in Shelby are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Shelby'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 Shelby or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Shelby, Shelby County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$1,879
$1,744
Ownwell’s Shelby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shelby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shelby 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 Shelby, Shelby County, Iowa
Property taxes in Shelby, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shelby is 1.12%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Shelby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shelby 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 Shelby's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51570 zip code has the highest median property tax rate of 1.12%, while the same zip code also has the lowest median tax rate of 1.12%. Understanding how these areas compare with Shelby provides valuable insights into the varying tax landscape across Shelby County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Shelby Tax Rate
1.12%
Average Shelby County Tax Rate
1.30%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shelby, Shelby County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51570 | 0.95% | 1.03% | 1.12% | 1.18% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Shelby, Shelby County, Iowa
In Shelby, 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 local authorities 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. Assessment notices in Shelby 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 Shelby helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 51570 has the highest and lowest median tax bill at $1,898.
Property Tax Assessment Values Across Shelby, Shelby County, Iowa
Source: Ownwell
$83,426
$146,370
$209,314
Average Shelby Assessed Value
$167,776
Average Shelby County Assessed Value
$144,278
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Shelby, Shelby County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51570 | $27,047 | $88,390 | $167,776 | $249,535 | $337,867 |
Source: Ownwell
Property Tax Bills Across Shelby, Shelby County, Iowa
Property tax bills in Shelby, IA, 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 tax bill. For instance, with a median home price of $167,776, homeowners can expect varying tax bills depending on their property's assessed value and the specific tax rate applied. Several factors influence the tax bill, including the property's size, location, and any applicable exemptions. The tax bill can range significantly; for example, at the 25th percentile, homeowners might pay around $1,132, while those at the 75th percentile could see bills as high as $2,898. At the 90th percentile, the tax bill can reach up to $3,781. This variability affects homeowners differently, with some benefiting from lower rates and others shouldering higher costs. Compared to the national median property tax rate of 0.99%, Shelby's rates reflect the localized approach to property tax assessment and billing, ensuring that tax obligations are aligned with property values and local budgetary needs.
Average Shelby Tax Bill
$1,898
Average Shelby County Tax Bill
$2,060
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Shelby, Shelby County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51570 | $683 | $1,132 | $1,898 | $2,898 | $3,781 |
Source: Ownwell