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County tax profile · 2026 · Census ACS + IRS data

Property Tax & Income in Story County, Iowa

Story County has an effective property tax rate of 1.40%. On the median home value of $258,700, that's roughly $3,632 per year. Median household income is $69,685.

Effective Property Tax Rate1
1.40%
median tax $3,632 ÷ median home $258,700
Median Home Value1
$258,700
owner-occupied
Median Household Income1
$69,685
per-capita $38,610
Est. Annual Tax on Median Home1
$3,632
at 1.40% effective rate

What you'll pay, at a glance

Property taxes are the largest local tax most homeowners pay. The effective rate measures the real tax bill as a share of home value — a more useful number than the nominal “mill rate,” because assessment practices vary county to county.

MetricStory CountyIowa (state context)
Effective property tax rate11.40%1.32%
Median home value1$258,700—
State income tax3top rate 3.80%top rate 3.80%
State sales tax36.94% combined6.94% combined

How this is calculated

The effective property tax rate is the median real-estate tax bill divided by the median home value — both for owner-occupied homes, from the U.S. Census Bureau's American Community Survey (ACS 5-year estimates)1. Median income is also from the ACS1. Federal and state income-tax figures use IRS2 and Tax Foundation3 data.

About Story County, IA

In Story County, Iowa, home values sit around $258,700, and the annual property tax bill on a median-priced house comes to roughly $3,632. That works out to an effective rate of 1.404%, which lands above Iowa's statewide median of 1.319% and ranks 28th among the state's 99 counties. Buyers weighing a move to Ames, the county's largest city, should factor in that premium. Compared with the national median rate of 0.794%, Story County taxes are noticeably steeper. Still, the area's median household income of $69,685 and per-capita income of $38,610 help offset the cost of ownership, since a tax bill near $3,632 absorbs a smaller share of earnings than it would in many pricier markets. For someone comparing affordability across Iowa, Story County pairs moderate home prices with tax rates that run a bit high for the state.

Frequently asked questions

What is the property tax rate in Story County, IA?
The effective rate is 1.40% — meaning the median tax bill equals about 1.40% of the median home value.
How much are property taxes on a median home?
On the median home ($258,700), the estimated annual bill is about $3,632.
Is Story County's rate high or low?
Compare it to the state median of 1.32% and the national average near 1.1%.
How does the effective rate differ from my mill rate?
A mill rate is the nominal levy per $1,000 of assessed value. The effective rate reflects what you actually pay after exemptions and assessments — it's the median tax bill as a share of median home value, so it better predicts your real cost.
Will a reassessment raise my tax bill?
Not necessarily. If your home's assessed value rises, your bill can go up, but only if the mill rate and exemptions stay flat. Contact the Story County assessor's office to review your current assessment.
Can I appeal my property tax assessment?
Yes. Most counties allow an appeal when you believe the assessed value exceeds the market value. File with the Story County assessor within the local deadline, typically with comparable sales as evidence.
Sources
[1] U.S. Census Bureau — ACS 5-Year (2023) — Median home value (B25077), median real-estate taxes (B25103), median household income (B19013), per-capita income (B19301).
[2] IRS — Statistics of Income — County income, AGI, and real-estate taxes paid.
[3] Tax Foundation — State income, sales, corporate, and estate/inheritance tax rates.