51035 Property Tax Rate

Property owners in ZIP code 51035 (Marcus, Iowa) pay a median of $1,477/year in property taxes on homes valued at $182,900. This translates to an effective tax rate of 0.81%, which is 37% below the Iowa state average of 1.28%.

The monthly property tax burden for a median-valued home in 51035 is approximately $123, which factors into escrow payments on mortgages. This ZIP code is located within Cherokee County. This is $588 less than the Iowa average of $2,065/year.

Compared to similar ZIP codes in Iowa, 51035 has lower property taxes. ZIP codes with similar effective rates include 52231 (0.81%) and 50840 (0.81%).

In Marcus, property taxes represent approximately 2.0% of the median household income of $75,673, providing context for the relative tax burden on homeowners in this area.

Iowa applies no cap to annual property tax increases and reassesses at market value, so the Cherokee County Assessor will base your tax on the home's current fair market value. The Homestead Property Tax Credit (HPTC) offers tax relief up to $1,375 annually for homeowners with household income under $32,400, calculated based on home value and income. Apply for the HPTC with the Cherokee County Assessor immediately after closing to qualify for the credit on your first tax statement.