51038 Property Tax Rate

Property owners in ZIP code 51038 (Merrill, Iowa) pay a median of $1,884/year in property taxes on homes valued at $181,800. This translates to an effective tax rate of 1.04%, which is 19% below the Iowa state average of 1.28%.

The monthly property tax burden for a median-valued home in 51038 is approximately $157, which factors into escrow payments on mortgages. This ZIP code is located within Plymouth County.

Compared to similar ZIP codes in Iowa, 51038 has higher property taxes. ZIP codes with similar effective rates include 50027 (1.04%) and 51235 (1.04%).

In Merrill, property taxes represent approximately 2.1% of the median household income of $88,864, providing context for the relative tax burden on homeowners in this area.

Iowa reassesses property at market value annually with no statutory cap on increases, and the Plymouth County Assessor will adjust your bill as your home's assessed value changes. The Homestead Property Tax Credit (HPTC) provides tax relief up to $1,375 per year for homeowners with household income below $32,400, based on your home's value and financial situation. Apply for the HPTC with the Plymouth County Assessor within 60 days of purchase to lock in the credit for your first tax year.