Story City, Story County, Iowa Property Taxes
The median property tax rate in Story City, IA is 1.32%, 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 Story City at $220,650, the typical annual property tax bill reaches $2,837, surpassing the national median of $2,690. Property taxes in Story City are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like those for primary residences and agricultural properties. Understanding Story 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 Story 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
Story City, Story County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.32%
Estimate Property Tax Bill
$2,913
$2,703
Ownwell’s Story City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Story City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Story 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 Story City, Story County, Iowa
Property taxes in Story City, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Story City is 1.32%, significantly higher than the U.S. national median of 0.99%. Local government entities within Story City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Story 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 Story City's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50248 zip code has the highest median property tax rate of 1.32%, while the same zip code also has the lowest median tax rate of 1.32%. Understanding how these cities compare with Story City 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 Story City Tax Rate
1.32%
Average Story County Tax Rate
1.36%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Story City, Story County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50248 | 0.99% | 1.22% | 1.32% | 1.37% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Story City, Story County, Iowa
In Story 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 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. 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. For example, in Story City, the median home price is $220,650. The tax bills can vary significantly, with the 25th percentile at $2,117 and the 75th percentile at $3,800. The highest and lowest median tax bills in the area are both $2,837, found in the 50248 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Story City, Story County, Iowa
Source: Ownwell
$152,200
$213,750
$275,300
Average Story City Assessed Value
$220,650
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 Story City, Story County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50248 | $103,130 | $163,575 | $220,650 | $323,650 | $438,810 |
Source: Ownwell
Property Tax Bills Across Story City, Story County, Iowa
In Story City, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the property tax rate set by local taxing authorities, including county, city, and school districts. For homeowners in Story City, the median home price is $220,650, and property tax bills can vary significantly. At the 25th percentile, homeowners might expect to pay around $2,117 annually, while those at the 75th percentile could see bills as high as $3,800. The highest tax bills, at the 90th percentile, can reach up to $5,178. Comparatively, the national median property tax rate is 0.99%, making Story City's rates relatively higher. These taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Understanding how these taxes are calculated helps homeowners better anticipate their financial responsibilities and the benefits they receive in return.
Average Story City Tax Bill
$2,837
Average Story County Tax Bill
$2,904
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Story City, Story County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50248 | $1,367 | $2,117 | $2,837 | $3,800 | $5,178 |
Source: Ownwell