50055 Property Tax Rate

Property owners in ZIP code 50055 (Collins, Iowa) pay a median of $2,805/year in property taxes on homes valued at $195,400. This translates to an effective tax rate of 1.44%, which is 12% above the Iowa state average of 1.28%.

The monthly property tax burden for a median-valued home in 50055 is approximately $234, which factors into escrow payments on mortgages. This ZIP code is located within Story County. This is $740 more than the Iowa average of $2,065/year.

Compared to similar ZIP codes in Iowa, 50055 has higher property taxes. ZIP codes with similar effective rates include 51559 (1.44%) and 50863 (1.43%).

In Collins, property taxes represent approximately 3.3% of the median household income of $84,875, providing context for the relative tax burden on homeowners in this area.

Iowa does not cap property tax increases at purchase or reassessment; assessed values are set by county assessors and can rise annually without a homestead exemption floor at the state level. Story County may offer local exemptions for seniors, veterans, or disabled persons—contact the Story County Assessor to confirm eligibility and filing deadlines. Request an assessment review from the Story County Assessor within 30 days of receiving your property tax notice if you believe the valuation is excessive.