Gilman, Iowa Property Taxes
The median property tax rate in Gilman, IA is 1.44%, which is higher than the national median of 0.99% but slightly lower than the Iowa state median of 1.54%. With a median home value of $180,960 in Gilman, the typical annual property tax bill is $2,492, which is below the national median of $2,690. Property taxes in Gilman are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Gilman'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 Gilman or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gilman, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.44%
Estimate Property Tax Bill
$2,606
Ownwell’s Gilman Property Tax Bill Calculator aids homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Gilman with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Gilman to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available further down the page. Your property’s assessed value, determined by the county, is crucial for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Gilman, Iowa
Property taxes in Gilman, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gilman is 1.44%, which is higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Gilman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gilman 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 Gilman's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50106 zip code has both the highest and lowest median property tax rate of 1.44%. Understanding how these cities compare with Gilman provides valuable insights into the varying tax landscape across Tama County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gilman Tax Rate
1.44%
Average Tama County Tax Rate
1.60%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gilman, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50106 | 1.12% | 1.22% | 1.44% | 1.66% | 1.86% |
Source: Ownwell
Property Tax Assessment Values Across Gilman, Iowa
In Gilman, 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 Tama 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 Gilman, 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 Gilman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Gilman is $2,492, found in zip code 50106, while the lowest median tax bill is also $2,492 in the same zip code.
Average Gilman Assessed Value
$180,960
Average Tama County Assessed Value
$107,220
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gilman, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50106 | $69,120 | $144,610 | $180,960 | $211,200 | $251,880 |
Source: Ownwell
Property Tax Bills Across Gilman, Iowa
In Gilman, 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 local property tax rate to determine the annual tax bill. Several factors influence the assessed value, including the home's market value, location, and any improvements or renovations. For homeowners in Gilman, the median home price is $180,960. Property tax bills can vary significantly, with the 25th percentile tax bill at $1,920 and the 75th percentile tax bill at $3,162. At the 90th percentile, tax bills reach $3,486. These figures demonstrate how property taxes can impact homeowners differently depending on their property's assessed value. Compared to the national median property tax rate of 0.99%, Gilman's property tax rate can result in higher annual tax bills, affecting homeowners' financial planning and overall housing costs. Understanding these factors can help homeowners anticipate their property tax obligations and manage their budgets more effectively.
Average Gilman Tax Bill
$2,492
Average Tama County Tax Bill
$1,687
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Gilman, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50106 | $1,102 | $1,920 | $2,492 | $3,162 | $3,486 |
Source: Ownwell