![]() ![]() Earners in Iowa’s bottom tax bracket pay a rate of just 0.33%. ![]() But it also has one of the lowest bottom rates. The state’s income tax system features one of the highest top rates, which at 8.53% ranks among the highest states. Even so, with an effective property tax rate of 1.50%, Iowa’s property taxes are the 10thy-highest in the country. While that cut was largely focused on commercial property owners, it also lowered residential property taxes across the state. Gas tax: 24 - 30.5 cents per gallon of regular gasoline, 30.4 - 32.5 cents per gallon of dieselĮarlier this decade, Iowa enacted one of the largest tax cuts in the state’s history.Property tax: 1.50% average effective rates.Rollback Rate by Property Class: Rollback Rates are statewide by Property Class that is determined annually by the Iowa Department of Revenue.Īdditional credits and exemptions defined at the Iowa State Association of Assessors website. ![]() This value is rounded to the nearest even whole dollar. Net Taxes: Equals Gross Taxes minus Homestead, Ag Land, Family Farm, and Elderly/Disabled, Low-Income Credits.This is the value on which real estate taxes are calculated and on which the budgets of the various Levy Authorities are based. Net Taxable Value: Equals Gross Taxable Value minus Military Exemption.The tax value of this exemption is the Military Exemption divided by 1,000, multiplied by the Tax Levy Rate. Military Exemption: Reduction in taxable value for men and women who served in the military may qualify and sign for a Military Exemption with the City or County Assessor.For most taxpayers, the Homestead Credit equals 4,850 divided by 1,000, multiplied by the Tax Levy Rate. Homestead Credit: Homeowners may qualify and sign for a Homestead Exemption with the city or county assessor.Gross Taxes: Equals the Net Taxable Value divided by 1,000 multiplied by the Tax Levy Rate and rounded to the nearest cent.Gross Taxable Value: Equals 100% Actual Value multiplied by the appropriate Rollback Rate.Property owners must sign with the City or County Assessor and qualify under standards set by the State of Iowa. Family Farm Credit: Parcels that qualify for the Ag Land Credit may qualify for the Family Farm Credit if the land is farmed by the taxpayer or rented to a family member.Elderly/Disabled/Low-Income Credit: Property owners may sign for the Elderly, Disabled, Low-Income Credit with the County Treasurer, and must qualify under standards set by the State of Iowa.Consolidated Tax Levy Rate: The total of the Levy Rate for all Levy Authorities within a specific Tax District. ![]() Smaller parcels may qualify as they are contiguous to a qualifying parcel and under the same ownership. Ag Land Credit: Parcels with an Agricultural Class of at least 10 acres in size qualify for the Ag Land Credit.100% Actual Value: Determined by the City Assessor or County Assessor, except that values for Utility and Railroad property are determined by the Iowa Department of Revenue.In the following calculations, the " =" symbol stands for equals and the " x" symbol stands for multiplication.ġ00% Actual Value x Rollback Rate by Property Class = Gross Taxable Value less Military Exemption = Net Taxable Value x Consolidated Tax Levy Rate = Gross Taxes less Homestead Credit less Ag Land Credit less Family Farm Credit less Elderly, Disabled, Low-Income Credit = Net Taxes Tax Calculation Terms ![]()
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