Example of Story County Property Tax Calculation
Story County calculates property taxes based on the assessed value of the property. To determine this value, an assessor evaluates the property and assigns a taxable value. The taxable value is then multiplied by the tax rate to calculate the property tax owed.
For example, if a house is assessed at $200,000 and the tax rate is 2%, the property tax owed would be $4,000. This amount may vary depending on factors such as exemptions and special assessments.
It is important to note that property taxes in Story County are used to fund various public services, such as schools, roads, and emergency services. Property owners are responsible for paying their property taxes on time to avoid penalties and interest charges.
Overall, understanding how Story County calculates property taxes can help property owners better manage their finances and plan for their tax obligations each year.
If you want appeal your property tax assessment - contact your local tax assessor.
Story County Property Tax Rates
The Story County Property Tax rates for the current year are as follows:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Residential | $8.93 |
| Agricultural | $27.39 |
| Commercial | $15.91 |
| Industrial | $18.08 |
| Utilities | $27.02 |
Note that these rates may vary from year to year and may differ based on the location and classification of the property. It is always recommended to consult with a certified tax advisor for more specific and up-to-date information.
Who sets property tax rates in Story County ?
The property tax rates in Story County, USA are set by the Story County Board of Supervisors. This governing body is responsible for determining the county's annual budget and the property tax revenue needed to fund public services and infrastructure projects.
Each year, the Board of Supervisors conducts public hearings to receive input from Story County residents and property owners regarding proposed tax rates. After considering this feedback, the Board of Supervisors votes to approve the final property tax rates that will be applied to all taxable properties within the county.
It should be noted that property tax rates can vary depending on the location and specific taxing district in which a property is located. These rates are established by various local government entities, such as school districts and cities, and may also be subject to voter approval.
In conclusion, the Story County Board of Supervisors is responsible for setting property tax rates in Story County, and they do so annually after gathering input from the public.
Homestead exemptions in Story County ?
To help residents of Story County, Iowa understand their Homestead exemptions and deductions, we've compiled a table with four columns: exemption, eligibility, amount, and notes.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead exemption | Owner-occupied property | Up to $4,850 assessed value | Application due by July 1st |
| Military exemption | Military personnel or their surviving spouse | Up to $1,852 assessed value | Must provide proof of military service |
| Disabled veteran exemption | Disabled veterans, their surviving spouse or dependents | Up to $70,000 assessed value | Must provide proof of disability |
| Low-income senior exemption | Resident 65 or older with income under $22,160 | Up to $2,940 assessed value | Must apply annually |
| Family farm exemption | Active farmers or their surviving spouse | Up to 100% assessed value | Property must be actively farmed for at least 10 years |
It's important to note that these exemptions and deductions only apply to properties within Story County, Iowa. Additionally, eligibility criteria and application requirements may vary, so it's always best to confirm the details with the county assessor's office.
By taking advantage of these Homestead exemptions and deductions, eligible residents can save thousands of dollars in property taxes each year.
When is Story County Property Tax due ?
Story County Property Tax is typically due on September 30th of each year. Property owners can pay their property taxes using several methods, including:
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Online Payment: Property owners can pay their property tax online using their credit card or e-check through the Story County Treasurer's website.
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By Mail: Property owners can mail their property tax payment to the Story County Treasurer's office. The address is Story County Treasurer, P.O. Box 498, Nevada, IA 50201.
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In-Person: Property owners can make their property tax payment in-person at the Story County Treasurer's office, located at 900 6th St, Nevada, IA 50201.
It is important to note that if the due date falls on a weekend or holiday, the payment is due on the next business day. Additionally, failure to make the property tax payment by the due date may result in late fees and interest charges. It is advisable for property owners to plan ahead and pay their taxes in a timely manner to avoid any penalties.
If you have more questions - contact your local tax collector.
How is Story County Property Tax penalty calculated ?
Story County Property Tax Penalties are calculated based on the amount of unpaid taxes and the number of days that the taxes remain unpaid. The penalty is added to the outstanding tax balance and must be paid in addition to the original tax amount.
Here is an example of how the penalty is calculated in Story County:
| Unpaid Balance | Penalty Rate |
|---|---|
| $1,000 | 1% |
| $2,500 | 2% |
| $5,000 | 3% |
If the taxpayer owes $1,000 in taxes and the payment is 30 days late, the penalty will be 1% of the unpaid balance, or $10. If the taxpayer owes $2,500 in taxes and the payment is 60 days late, the penalty will be 2% of the unpaid balance, or $50. If the taxpayer owes $5,000 in taxes and the payment is 90 days late, the penalty will be 3% of the unpaid balance, or $150.
It is important for taxpayers to pay their property taxes on time to avoid penalties and additional fees. If you have questions about your property taxes or penalty calculations in Story County, contact the Story County Treasurer's office for more information.
We recommend contacting the Story County Tax Office or a local tax professional for the most up-to-date and accurate information.