50644 Property Tax Rate

Property owners in ZIP code 50644 (Independence, Iowa) pay a median of $2,626/year in property taxes on homes valued at $174,000. This translates to an effective tax rate of 1.51%, which is 18% above the Iowa state average of 1.28%.

The monthly property tax burden for a median-valued home in 50644 is approximately $219, which factors into escrow payments on mortgages. This ZIP code is located within Buchanan County. This is $561 more than the Iowa average of $2,065/year.

Compared to similar ZIP codes in Iowa, 50644 has lower property taxes. ZIP codes with similar effective rates include 52351 (1.51%) and 52349 (1.51%).

In Independence, property taxes represent approximately 3.3% of the median household income of $79,861, providing context for the relative tax burden on homeowners in this area.

Iowa applies no annual cap to property tax increases, and your home will be reassessed to current market value by the Buchanan County Assessor, potentially raising your bill sharply. Homeowners with household income under $32,400 qualify for the Homestead Property Tax Credit (HPTC), which can cut taxes by up to $1,375 annually based on your home value and income. Apply for the HPTC with the Buchanan County Assessor before the tax year begins to ensure you receive the maximum allowable credit.