Cambridge, Story County, Iowa Property Taxes
Median Cambridge, IA effective property tax rate: 1.53%, significantly higher than the national median of 1.02%, but lower than the Iowa state median of 1.54%.
Median Cambridge, IA home value: $202,350
Median annual Cambridge, IA tax bill: $2,950, $550 higher than the national median property tax bill of $2,400.
How are property taxes in Story calculated?
Property taxes in Cambridge, 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 Cambridge’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Cambridge, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Cambridge, Story County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.53%
Estimate Property Tax Bill
$3,096
$2,873
Property Tax Rates Across Cambridge, Story County, Iowa
Local government entities are responsible for setting property tax rates, which can vary significantly within Iowa. Each year, counties determine their budget requirements for public services and divide this by the total value of taxable properties within their jurisdiction, resulting in the property tax rate. Although votes and legislation play a role in establishing these rates and budgets, this is essentially the annual process.
In Cambridge, located in Story County, the effective property tax rate stands out when compared to other cities in Iowa. The median property tax rate here is 1.53%, which is notably higher than the national median property tax rate of 1.02%. This comparison highlights the variation in tax rates across different regions. While Cambridge's rate may seem steep compared to the national average, it reflects the unique budgetary needs and property values within the area. Understanding these differences is crucial for property owners considering tax appeals or exemptions.
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 Cambridge Tax Rate
1.53%
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 Story County Tax Rate
1.36%
Median Effective Iowa Tax Rate
1.54%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Cambridge, Story County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50046 | 1.08% | 1.23% | 1.53% | 1.62% | 1.71% |
Source: Ownwell
Property Tax Assessment Values Across Cambridge, Story County, Iowa
When examining property taxes in Cambridge, 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 Story County Assessor 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 Story 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 Cambridge.
For example, the median home price in Cambridge is $202,350, with tax bills ranging significantly across the county. The zip code 50046 has the highest median home price at $202,350.
Property Tax Assessment Values Across Cambridge, Story County, Iowa
Source: Ownwell
$152,200
$213,750
$275,300
Median Cambridge Market Value
$202,350
Median Story County Market Value
$219,000
Median Iowa Market Value
$167,100
Median United States Market Value
$235,294
Property Tax Assessment Values Across Cambridge, Story County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50046 | $90,950 | $145,475 | $202,350 | $316,525 | $499,990 |
Source: Ownwell
Property Tax Bills Across Cambridge, Story County, Iowa
In Cambridge, Story County, IA, property tax bills are calculated based on the property's assessed value, which is determined by the local assessor. This value is then multiplied by the local tax rate to calculate the tax bill. The median home price in Cambridge is $202,350, and the property tax rate is slightly above the national median. Homeowners in Cambridge face a median tax bill of $2,950, which is above the national median of $2,400. Factors such as local government budgets, school funding, and public services influence the tax rate. Homeowners may feel the impact of these taxes, especially when property values rise, leading to higher tax bills.
Ownwell offers a solution by providing property tax appeal and exemption services. By analyzing your property's assessed value and comparing it to similar properties, Ownwell identifies potential savings. Their experts assist in filing appeals and securing exemptions, helping homeowners reduce their tax burden and ensure they are not overpaying. This service can lead to significant savings, providing financial relief for homeowners in Cambridge.
Median Cambridge Tax Bill
$2,950
Median Story County Tax Bill
$2,904
Median Iowa Tax Bill
$2,508
Median United States Tax Bill
$2,400
Property Tax Bills Across Cambridge, Story County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50046 | $1,380 | $2,265 | $2,950 | $3,983 | $6,058 |
Source: Ownwell