Milo, Iowa Property Taxes
The median property tax rate in Milo, IA is 1.15%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Milo, the typical annual property tax bill reaches $2,032, which is below the national median of $2,690. Property taxes in Milo are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Milo'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 Milo 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
Milo, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$1,984
Ownwell’s Milo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milo 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 Milo, Iowa
Property taxes in Milo, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milo is 1.15%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Milo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milo 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 Milo's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50166 has both the highest and lowest median property tax rate of 1.15%. Understanding how these areas compare with Milo provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milo Tax Rate
1.15%
Average Warren County Tax Rate
1.57%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milo, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50166 | 0.93% | 0.99% | 1.15% | 1.30% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Milo, Iowa
In Milo, 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 Warren 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 Milo, 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, the median home price in Milo is $172,550. Property tax bills can vary significantly, with the 25th percentile at $1,447 and the 75th percentile at $2,720. The 90th percentile tax bill reaches up to $3,689. The zip code with the highest median tax bill is 50166, at $2,032. 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 Milo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Milo Assessed Value
$172,550
Average Warren County Assessed Value
$233,350
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milo, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50166 | $42,800 | $115,625 | $172,550 | $248,400 | $367,850 |
Source: Ownwell
Property Tax Bills Across Milo, Iowa
Property tax bills in Milo, Warren County, IA, are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is a percentage of the market value of the home. For instance, with a median home price of $172,550, the property tax rate is applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including property size, location, and improvements made to the property. In Milo, the 25th percentile of tax bills is around $1,447, while the 75th percentile reaches $2,720, and the 90th percentile peaks at $3,689. These figures highlight the range of property tax burdens homeowners might face depending on their property's assessed value and specific circumstances. Compared to the national median property tax rate of 0.99%, Milo's property tax rates can significantly impact homeowners, making it crucial for them to understand how their tax bills are calculated and what factors might influence any changes.
Average Milo Tax Bill
$2,032
Average Warren County Tax Bill
$3,534
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Milo, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50166 | $881 | $1,447 | $2,032 | $2,720 | $3,689 |
Source: Ownwell