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Iowa State Capitol Building in Des Moines
In Iowa, property taxes are paid in “arrears,” which means that property taxes are due AFTER the end of the tax year. This is in contrast to some other states, where property taxes are due BEFORE the tax year.
In Iowa, property taxes are due on September 1 and March 1 for the previous fiscal year. The fiscal year runs from July 1 to June 30. This means that when you pay property taxes in September 2023, you are paying for the property taxes that were assessed in January 2023.
There are a few reasons why Iowa taxes are paid in arrears. One reason is that it gives property owners more time to save up for their property taxes. Another reason is that it allows the county treasurer to have a more accurate assessment of the property values before collecting taxes.
If you are buying or selling a home in Iowa, it is important to consult with a qualified real estate professional (like me) to understand how tax proration will work in your specific situation.
