51301 Property Tax Rate

Property owners in ZIP code 51301 (Spencer, Iowa) pay a median of $2,342/year in property taxes on homes valued at $180,400. This translates to an effective tax rate of 1.30%, which is near the Iowa state average of 1.28%.

The monthly property tax burden for a median-valued home in 51301 is approximately $195, which factors into escrow payments on mortgages. This ZIP code is located within Clay County. This is $277 more than the Iowa average of $2,065/year.

Compared to similar ZIP codes in Iowa, 51301 has higher property taxes. ZIP codes with similar effective rates include 52548 (1.30%) and 52041 (1.30%).

In Spencer, property taxes represent approximately 3.8% of the median household income of $61,175, providing context for the relative tax burden on homeowners in this area.

Iowa reassesses all property at market value annually with no statutory increase cap, and the Clay County Assessor will place your purchase on the tax rolls at its fair market value. The Homestead Property Tax Credit (HPTC) reduces taxes for households earning under $32,400, providing relief up to $1,375 per year based on your home value and income. Contact the Clay County Assessor to file your HPTC application immediately after purchase and confirm your eligibility for the credit.