Tax Levy Calculation
How Taxes Are Calculated
Based on the budgets submitted by the various levying authorities, the Auditor's Office prepares and certifies the 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 due during a fiscal year are based on the assessed property value as of January 1 of the preceding year, i.e. the assessments for January 1, 2017 (mailed in April of 2017) will be the basis for the taxes paid in September of 2018 and March 2019. For a detailed primer of local property tax, see the Iowa Legislative Services Agency Local Property Tax guide.
Assessed property was rolled back as follows:
*assessment and taxable value determined by Iowa Dept. of Revenue
Property Tax Estimator Tool
You may use the property tax estimator tool to get an estimate of your property taxes based upon your tax authority (city, township), school districts, and tax exemption and credits. The example below is for a property located in the city of Roland and Roland-Story school district.
|150,000||Assessed value (100%)|
|x||0.556209||Rollback (residential class)|
|less||1,852||Military exemption (if applicable)|
|81,579.35||Net taxable value|
|x||0.03208326||Levy rate divided by $1,000 (Roland/Roland-Story School)|
|less||155.60||Homestead credit (if applicable; $4,850 x 0.03208326 x 1.00)**|
|=||2,461.73 (rounds to 2,462)||Property tax (rounded to nearest dollar)|
|1,231||Due September 30, 2018|
|1,231||Due March 31, 2019|
** Homestead Credit = [full homestead value ($4,850)] x [levy rate] x [% reimbursement by State (100% this year)]