Property Tax Estimator, Rollbacks & Tax Levy Rates
The “Property Tax Estimator” tool was created for the property owner to be able to estimate their property taxes depending upon the assessed valuation and the taxing district the property is located. If you are purchasing a property or considering constructing a building or improvement, this tool will give you an estimate of what the taxes may be depending upon the purchase price or the cost of constructing a building or improvement.
Following are the steps required to use this tool:
- Visit the Property Tax Estimator web page
- Select your city or township; and school district
- Select the classification of your property (Residential, Industrial, Commercial or Agricultural)
- Enter the assessed value or market value (purchase price or cost of construction)
- Select if eligible for military exemption
- Select if eligible for homestead tax credit
- Click button (Press to Estimate Property Taxes)
Your estimate of property taxes will be based on the current rollback percentages and tax levy rates for the city or township and school district selected. Rollback percentage is the common name for statewide limitations on the annual growth of property assessments. Each November, the Iowa Department of Revenue certifies the limitation percentages to the County Auditor. The roll back percentage is multiplied by the actual (assessed) value to obtain the value of the property that is subject to taxation (taxable value).
Based on the budgets submitted by the various levying authorities, the Auditor's Office prepares and certifies the tax levy rates in the county. Budgets for each levying authority are based on its taxable valuation as well as levy limits established by the Code of Iowa. Levy rates are expressed in dollars and cents per $1,000 of taxable valuation.
Property taxes help pay for the cost of services associated with schools, cities, police and law enforcement, fire protection, road maintenance and other related services.
Things to Remember About Property Taxes
Assessed value and taxable value are not synonymous terms.
Property is assessed as of January First of each year.
Property is reassessed every two years in the odd-number year.
Taxes are levied on a taxable value which is determined by the County Auditor by applying a "roll back" percentage to the assessed value and deducting any applicable exemptions or credits. The "roll back" percentages vary each year.
Taxes are calculated by the Story County Auditor for fiscal years starting July 1 through June 30th.
Taxes are collected by the Story County Treasurer in two installments. First half installment is delinquent October 1, and the 2nd half installment is delinquent April 1.
Taxes payable the fall of 2012 and the spring of 2013 will be based on the January 1, 2011 assessment.
| Example: January 1, 2011
|(Taxes payable fall of 2012 and spring of 2013)|
|$100,000||2011 Assessed value (residential class)|
|x 0.505300||2011 residential roll back|
|50,530||Roll back value (taxable)|
|-3,783||Homestead Credit (funded 78%)|
|46,747||Net taxable value|
|x .03833135||levy $38.33135 per thousand (varies with taxing district)|
|$1,792||Property tax (rounded to nearest even whole dollar)|