ASSESSED VALUE x ROLLBACK – MILITARY CREDIT (IF APPLICABLE) x TAX DISTRICT LEVY – CREDITS/EXEMPTIONS (SUCH AS HOMESTEAD CREDIT) = YOUR TAX BILL

EXAMPLE:

($100,000 x 50%) – $1852 x .0301234 – $100 = TAX BILL

($50,000 – $1852) x .0301234 – $100

($48,148 x .0301234) – $100

$1450.38 – $100 = $1350/year TAX BILL

 
IN THE STATE OF IOWA, TAXES ARE PAID A YEAR BEHIND THE ASSESSMENT YEAR WHICH THE VALUATION IS EFFECTIVE FOR.  TAXES ON THE JANUARY 1, 2011 ASSESSMENTS WILL BE PAID IN SEPTEMBER OF 2012/MARCH OF 2013 AND SO FORTH.