Milford, Clay County, Iowa Property Taxes
Median Milford, IA effective property tax rate: 0.95%, significantly lower than the national median of 1.02%, but lower than the Iowa state median of 1.54%.
Median Milford, IA home value: $252,790
Median annual Milford, IA tax bill: $2,144, $256 lower than the national median property tax bill of $2,400.
How are property taxes in Clay County calculated?
Property taxes in Milford, IA are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Milford’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Milford, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Milford, Clay County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.95%
Estimate Property Tax Bill
$2,402
$2,229
Property Tax Rates Across Milford, Clay County, Iowa
Local government entities set tax rates, which can vary widely within a state. This variation occurs because each county annually estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
In Milford, located in Clay County, Iowa, the effective property tax rate offers a unique perspective compared to other cities in the state. The median property tax rate in Iowa is slightly below the national median of 1.02%, making it an attractive option for property owners. Milford’s rate is aligned with the state’s overall trend, providing a competitive edge for those considering property investments.
Comparing Milford’s rate to the national and state medians highlights the potential for property tax savings. This insight can be crucial for homeowners and investors looking to optimize their property-related expenses. Understanding these dynamics is essential for making informed decisions about property investments in the region.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Milford Tax Rate
0.95%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Clay County Tax Rate
1.37%
Median Effective Iowa Tax Rate
1.54%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Milford, Clay County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51351 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Milford, Clay County, Iowa
When examining property taxes in Milford, Iowa, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Clay County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Clay County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Milford.
For example, the median home price in Milford is $252,790, with tax bills ranging significantly across the county.
Property Tax Assessment Values Across Milford, Clay County, Iowa
Source: Ownwell
$57,080
$137,660
$218,240
Median Milford Market Value
$252,790
Median Clay County Market Value
$145,050
Median Iowa Market Value
$167,100
Median United States Market Value
$235,294
Property Tax Assessment Values Across Milford, Clay County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51351 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Milford, Clay County, Iowa
In Milford, located in Clay County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. With a median home price of $252,790, homeowners in Milford face varying tax bills, with the 25th percentile at $1,672 and the 75th percentile at $4,130. These figures show that Milford's tax bills can be quite significant, particularly when compared to the national median property tax bill of $2,400. Factors such as property improvements, neighborhood developments, and changes in local government budgets can influence these assessments, directly impacting homeowners.
Ownwell offers valuable assistance by helping homeowners appeal their property tax assessments and identify potential exemptions. By leveraging expert knowledge and a data-driven approach, Ownwell can help ensure that homeowners in Milford pay only their fair share, potentially saving them hundreds or even thousands of dollars on their property tax bills.
Median Milford Tax Bill
$2,144
Median Clay County Tax Bill
$1,910
Median Iowa Tax Bill
$2,508
Median United States Tax Bill
$2,400
Property Tax Bills Across Milford, Clay County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51351 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
