50008 Property Tax Rate

Property owners in ZIP code 50008 (Allerton, Iowa) pay a median of $1,875/year in property taxes on homes valued at $122,500. This translates to an effective tax rate of 1.53%, which is 20% above the Iowa state average of 1.28%.

The monthly property tax burden for a median-valued home in 50008 is approximately $156, which factors into escrow payments on mortgages. This ZIP code is located within Wayne County.

Compared to similar ZIP codes in Iowa, 50008 has lower property taxes. ZIP codes with similar effective rates include 50201 (1.53%) and 52640 (1.53%).

In Allerton, property taxes represent approximately 2.4% of the median household income of $77,083, providing context for the relative tax burden on homeowners in this area.

Iowa does not cap property tax increases at purchase or reassessment; your assessed value can increase annually based on the county assessor's valuation, with no state-level homestead exemption unlike many surrounding states. Contact the Wayne County Assessor's office to understand your county's exemption programs for seniors, veterans, or disabled homeowners, which vary by locality. File any exemption applications with the Wayne County Assessor immediately after closing to ensure you receive relief on your first tax bill.