51351 Property Tax Rate

Property owners in ZIP code 51351 (Milford, Iowa) pay a median of $2,535/year in property taxes on homes valued at $256,100. This translates to an effective tax rate of 0.99%, which is 22% below the Iowa state average of 1.28%.

The monthly property tax burden for a median-valued home in 51351 is approximately $211, which factors into escrow payments on mortgages. This ZIP code is located within Dickinson County. This is $470 more than the Iowa average of $2,065/year.

Compared to similar ZIP codes in Iowa, 51351 has higher property taxes. ZIP codes with similar effective rates include 51454 (0.99%) and 51557 (0.99%).

In Milford, property taxes represent approximately 3.7% of the median household income of $67,628, providing context for the relative tax burden on homeowners in this area.

Iowa applies no cap to property tax increases and reassesses at market value, so the Dickinson County Assessor will determine your initial tax based on your home's current fair market value at purchase. The Homestead Property Tax Credit (HPTC) reduces taxes for households earning under $32,400, offering relief up to $1,375 annually based on your home value and income level. Contact the Dickinson County Assessor immediately after closing to file your HPTC application and lock in the credit for your first tax year.