Millerton, Iowa Property Taxes
The median property tax rate in Millerton, IA is 1.60%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Millerton, the typical annual property tax bill reaches $361, which is significantly lower than the national median of $2,690. Property taxes in Millerton are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Millerton'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 Millerton 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
Millerton, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.6%
Estimate Property Tax Bill
$427
Ownwell’s Millerton Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Millerton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Millerton 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 Millerton, Iowa
Property taxes in Millerton, Iowa, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Millerton is 1.60%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Millerton set these rates annually, and they can vary across different neighborhoods. Each year, Millerton 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 Millerton's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50165 zip code has the highest median property tax rate of 1.60%, while the same zip code also has the lowest median tax rate of 1.60%. Understanding how these cities compare with Millerton provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Millerton Tax Rate
1.60%
Average Wayne County Tax Rate
1.58%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Millerton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50165 | 1.18% | 1.46% | 1.60% | 1.67% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Millerton, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Millerton, Iowa. 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 Wayne 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 Millerton, 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 Millerton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bills is 50165, with a median tax bill of $361.
Average Millerton Assessed Value
$26,690
Average Wayne County Assessed Value
$80,110
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Millerton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50165 | $8,061 | $12,972 | $26,690 | $59,365 | $100,938 |
Source: Ownwell
Property Tax Bills Across Millerton, Iowa
In Millerton, Wayne County, IA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Millerton is $26,690. Homeowners can expect a tax bill that varies depending on the assessed value of their property and specific tax rates applied by the local authorities. For instance, the 25th percentile tax bill is $192, while the 75th percentile tax bill reaches $864. At the 90th percentile, homeowners might see a tax bill as high as $1,268. These tax bills are influenced by several factors, including property assessments, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Millerton's tax bills reflect the local property values and tax policies. Homeowners in Millerton need to be aware of these factors as they can significantly impact their annual financial planning and overall cost of homeownership.
Average Millerton Tax Bill
$361
Average Wayne County Tax Bill
$1,272
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Millerton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50165 | $137 | $192 | $361 | $864 | $1,268 |
Source: Ownwell