50859 Property Tax Rate

Property owners in ZIP code 50859 (Prescott, Iowa) pay a median of $1,450/year in property taxes on homes valued at $162,500. This translates to an effective tax rate of 0.89%, which is 30% below the Iowa state average of 1.28%.

The monthly property tax burden for a median-valued home in 50859 is approximately $121, which factors into escrow payments on mortgages. This ZIP code is located within Adams County. This is $615 less than the Iowa average of $2,065/year.

Compared to similar ZIP codes in Iowa, 50859 has lower property taxes. ZIP codes with similar effective rates include 50042 (0.89%) and 51452 (0.89%).

In Prescott, property taxes represent approximately 2.1% of the median household income of $70,536, providing context for the relative tax burden on homeowners in this area.

Iowa taxes property at 100% market value with no annual increase limitation, so the Adams County Assessor's reassessment at your purchase price may significantly increase your tax burden. The Homestead Property Tax Credit (HPTC) helps homeowners earning under $32,400, providing tax relief up to $1,375 per year depending on your income and home value. Submit your HPTC application to the Adams County Assessor's office within 60 days of closing to qualify for the credit on your next bill.