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Tax Summary
- Iowa assesses income tax on a sliding scale from .36% to 8.98% depending upon how much you earn.
- Personal exemption for a single individual is $40. Exemption for a married couple is $80. Dependents earn an exemption of $40 each. These are adjustable to the rate of inflation.
- Federal income taxes are deductible.
- Sales tax in Iowa is 5%.
- There are two local sales tax options available to counties if voters approve them.
- Property taxes are assessed on the taxable value of all real property.
- The five real property classes in Iowa are:
- Residential (less than half of taxes paid each year)
- Agricultural
- Commercial
- Industrial
- Utilities and Railroads
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