50588 Property Tax Rate

Property owners in ZIP code 50588 (Storm Lake, Iowa) pay a median of $2,443/year in property taxes on homes valued at $178,800. This translates to an effective tax rate of 1.37%, which is 7% above the Iowa state average of 1.28%.

The monthly property tax burden for a median-valued home in 50588 is approximately $204, which factors into escrow payments on mortgages. This ZIP code is located within Buena Vista County. This is $378 more than the Iowa average of $2,065/year.

Compared to similar ZIP codes in Iowa, 50588 has higher property taxes. ZIP codes with similar effective rates include 50441 (1.37%) and 51244 (1.37%).

In Storm Lake, property taxes represent approximately 3.7% of the median household income of $65,475, providing context for the relative tax burden on homeowners in this area.

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. Buena Vista County offers a Homestead Exemption that reduces assessed value for primary residences — contact the Buena Vista 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.