50156 Property Tax Rate

Property owners in ZIP code 50156 (Madrid, Iowa) pay a median of $3,202/year in property taxes on homes valued at $219,500. This translates to an effective tax rate of 1.46%, which is 14% above the Iowa state average of 1.28%.

The monthly property tax burden for a median-valued home in 50156 is approximately $267, which factors into escrow payments on mortgages. This ZIP code is located within Boone County. This is $1,137 more than the Iowa average of $2,065/year.

Compared to similar ZIP codes in Iowa, 50156 has lower property taxes. ZIP codes with similar effective rates include 52577 (1.46%) and 52774 (1.46%).

In Madrid, property taxes represent approximately 3.3% of the median household income of $97,298, providing context for the relative tax burden on homeowners in this area.

Iowa does not cap property tax increases at purchase or reassessment; your property will be assessed at market value by the Boone County Assessor, with no state homestead exemption to limit future increases. The Boone County Assessor administers local exemptions for seniors, disabled homeowners, and veterans—contact the office directly to determine your eligibility. File all exemption applications with the Boone County Assessor by the January 1 deadline to secure relief on the following tax year.