50254 Property Tax Rate

Property owners in ZIP code 50254 (Thayer, Iowa) pay a median of $1,846/year in property taxes on homes valued at $168,800. This translates to an effective tax rate of 1.09%, which is 14% below the Iowa state average of 1.28%.

The monthly property tax burden for a median-valued home in 50254 is approximately $154, which factors into escrow payments on mortgages. This ZIP code is located within Union County. This is $219 less than the Iowa average of $2,065/year.

Compared to similar ZIP codes in Iowa, 50254 has lower property taxes. ZIP codes with similar effective rates include 51024 (1.09%) and 52625 (1.09%).

Iowa reassesses property at market value every four years during the general reassessment cycle; your purchase price triggers a new assessment that becomes the base for future valuations. Union County offers a Homestead Exemption that reduces assessed value for primary residences — contact the Union County Assessor's office to file immediately after closing. Request a copy of your assessment notice and note the appeal deadline, typically 30 days from the notice date, to challenge any overvaluation.