Colo, Iowa Property Taxes
The median property tax rate in Colo, Iowa is 1.56%, notably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Colo at $185,600, the typical annual property tax bill reaches $2,698, surpassing the national median of $2,690. Property taxes in Colo are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Colo'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 Colo 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
Colo, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.56%
Estimate Property Tax Bill
$2,895
Ownwell’s Colo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Colo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colo 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 Colo, Iowa
Property taxes in Colo, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Colo is 1.56%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Colo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colo 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 Colo's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50056 zip code has the highest median property tax rate of 1.56%, while the same 50056 zip code also has the lowest median tax rate of 1.56%. Understanding how these areas compare with Colo provides valuable insights into the varying tax landscape across Story County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colo Tax Rate
1.56%
Average Story County Tax Rate
1.36%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colo, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50056 | 0.93% | 1.04% | 1.56% | 1.65% | 1.75% |
Source: Ownwell
Property Tax Assessment Values Across Colo, Iowa
In Colo, 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 Story 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 Colo, 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. Colo's median home price is $185,600, with tax bills ranging from $1,938 at the 25th percentile to $4,418 at the 90th percentile. The zip code 50056 has both the highest and lowest median tax bill of $2,698. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Colo Assessed Value
$185,600
Average Story County Assessed Value
$219,000
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colo, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50056 | $96,020 | $134,600 | $185,600 | $272,025 | $384,630 |
Source: Ownwell
Property Tax Bills Across Colo, Iowa
In Colo, located in Story County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The median home price in this area is $185,600. Property taxes are influenced by several factors, including the home's assessed value, the local tax rate, and any applicable exemptions. Homeowners in Colo can expect to pay property taxes that vary widely, with the 25th percentile tax bill at $1,938 and the 75th percentile at $3,398. For those in the 90th percentile, the tax bill can reach up to $4,418. Compared to the national median property tax rate of 0.99%, the property tax rates in Colo can significantly impact homeowners' annual expenses. Understanding these factors is crucial for homeowners to budget effectively and potentially seek exemptions or appeals if they believe their property has been over-assessed. The highest and lowest median tax bills in the area are both recorded at $2,698 in the 50056 zip code, indicating some level of consistency within this locality.
Average Colo Tax Bill
$2,698
Average Story County Tax Bill
$2,904
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Colo, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50056 | $1,352 | $1,938 | $2,698 | $3,398 | $4,418 |
Source: Ownwell