50112 Property Tax Rate

Property owners in ZIP code 50112 (Grinnell, Iowa) pay a median of $2,619/year in property taxes on homes valued at $198,100. This translates to an effective tax rate of 1.32%, which is 4% above the Iowa state average of 1.28%.

The monthly property tax burden for a median-valued home in 50112 is approximately $218, which factors into escrow payments on mortgages. This ZIP code is located within Poweshiek County. This is $554 more than the Iowa average of $2,065/year.

Compared to similar ZIP codes in Iowa, 50112 has higher property taxes. ZIP codes with similar effective rates include 50237 (1.32%) and 50675 (1.32%).

In Grinnell, property taxes represent approximately 4.0% of the median household income of $64,707, providing context for the relative tax burden on homeowners in this area.

Iowa does not cap property tax increases at purchase or reassessment; the Poweshiek County Assessor will assess your property at market value, and subsequent increases are not limited by state law. Poweshiek County offers county-level exemptions for seniors (65+), disabled homeowners, and veterans—contact the Poweshiek County Assessor for specific income caps and required documents. File your exemption claim with the Poweshiek County Assessor by January 1 of the tax year for which you seek relief.