County

How to Calculate Your Estimated Net Property Tax

Examples Using 2020 Assessor Values

Tax Example with No Credits
Step-by-Step Instructions: Calculation
1) Enter your 2020 assessed value $100,000
2) Enter the rollback 1 x0.564094
3) Multiply line 1 by line 2 (Equals your gross taxable value) $56,410
4) Enter the tax levy for your tax district 2 x0.0470725
5) Multiply line 3 by line 4 - Equals the Estimated Net Property Tax (rounded to the nearest whole even dollar) $2,655
Example with Homestead Credit
Step-by-Step Instructions: Calculation
1) Enter your 2020 assessed value $100,000
2) Enter the rollback 1 x0.564094
3) Multiply line 1 by line 2 (Equals your gross taxable value) $56,410
4) Subtract Homestead Credit 4 -$4,850
5) Equals your Net Taxable Value $51,560
6) Enter the tax levy for your tax district 2 x0.0470725
7) Multiply line 5 by line 6 - Equals the Estimated Net Property Tax (rounded to the nearest whole even dollar) $2,428
Example with Homestead & Military Credit
Step-by-Step Instructions Calculation
1) Enter your 2020 assessed value $100,000
2) Enter the rollback 1 x0.564094
3) Multiply line 1 by line 2 (Equals your gross taxable value) $56,410
4) Subtract Military Credit 3 -$1,852
5) Subtract Homestead Credit 4 -$4,850
6) Equals your Net Taxable Value $49,708
7) Enter the tax levy for your tax district 2 x0.0470725
8) Multiply line 6 by line 7 - Equals the Estimated Net Property Tax (rounded to the nearest whole even dollar) $2,340
Additional Information
  1. 2020 State Rollback-Residential Class – gross taxable value is rounded to the nearest $10.
  2. For the purpose of this chart, the tax levy has been converted to a levy amount per dollar of valuation. The tax levy varies with each taxing district. Contact the Polk County Treasurer’s Office at (515) 286-3060 or visit https://polkcountyiowa.gov/auditor/property-tax/levy-rates/ to determine the tax levy for your taxing district.
  3. Military Credit – Enter $1,852 for any war or military action after WW1.
  4. Reduces Taxable Value by $4,850 pursuant to Section 425.1(2), Code of Iowa.

    Credits and exemptions may be reduced pursuant to Iowa Code Section 25B.7. This reduction in the amount of credits and exemptions will occur when the amount of funding received from the state for the credits and exemptions is less than the calculated amount of credits and exemptions for each applicable taxable property.

    Revision date 2/24/2021 using 2020 Assessor Values

To learn more about property tax, assessments, rollbacks, etc. visit the State of Iowa 'Iowa Property Tax Overview


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