50165 Property Tax Rate

Property owners in ZIP code 50165 (Millerton, Iowa) pay a median of $1,179/year in property taxes on homes valued at $125,000. This translates to an effective tax rate of 0.94%, which is 26% below the Iowa state average of 1.28%.

The monthly property tax burden for a median-valued home in 50165 is approximately $98, which factors into escrow payments on mortgages. This ZIP code is located within Wayne County. This is $886 less than the Iowa average of $2,065/year.

Compared to similar ZIP codes in Iowa, 50165 has higher property taxes. ZIP codes with similar effective rates include 51058 (0.94%) and 51047 (0.94%).

In Millerton, property taxes represent approximately 1.2% of the median household income of $95,000, 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.