50116 Property Tax Rate

Property owners in ZIP code 50116 (Hamilton, Iowa) pay a median of $1,000/year in property taxes on homes valued at $152,800. This translates to an effective tax rate of 0.65%, which is 49% below the Iowa state average of 1.28%.

The monthly property tax burden for a median-valued home in 50116 is approximately $83, which factors into escrow payments on mortgages. This ZIP code is located within Marion County. This is $1,065 less than the Iowa average of $2,065/year.

Compared to similar ZIP codes in Iowa, 50116 has lower property taxes. ZIP codes with similar effective rates include 50609 (0.66%) and 51436 (0.66%).

Iowa does not cap property tax increases at purchase or reassessment; the Marion County Assessor will establish your property value at purchase price, and subsequent annual increases are not limited by state law. Marion County residents age 65+, disabled homeowners, and veterans may qualify for county-level exemptions—verify your eligibility directly with the Marion County Assessor. File your exemption claim with the Marion County Assessor by the January 1 deadline to ensure relief on your next tax bill.