51562 Property Tax Rate

Property owners in ZIP code 51562 (Panama, Iowa) pay a median of $1,795/year in property taxes on homes valued at $158,000. This translates to an effective tax rate of 1.14%, which is 11% below the Iowa state average of 1.28%.

The monthly property tax burden for a median-valued home in 51562 is approximately $150, which factors into escrow payments on mortgages. This ZIP code is located within Shelby County. This is $270 less than the Iowa average of $2,065/year.

Compared to similar ZIP codes in Iowa, 51562 has lower property taxes. ZIP codes with similar effective rates include 50581 (1.14%) and 50669 (1.14%).

In Panama, property taxes represent approximately 2.9% of the median household income of $61,250, providing context for the relative tax burden on homeowners in this area.

Iowa reassesses all properties at fair market value every four years through the county assessor's triennial cycle, with full revaluation occurring at sale. Shelby County offers a Homestead Property Tax Credit for eligible primary residence owners — contact the Shelby County Assessor's office to apply based on your household income and property value. File your homestead exemption claim with the Shelby County Assessor within 30 days of purchase to ensure you receive tax relief starting in the next assessment year.