Greenfield, Iowa Property Taxes
The median property tax rate in Greenfield, IA is 1.74%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Greenfield at $113,705, the typical annual property tax bill reaches $1,902, which, while below the national median of $2,690, remains a significant expense for homeowners. Property taxes in Greenfield are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Greenfield's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Greenfield or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Greenfield, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.74%
Estimate Property Tax Bill
$1,978
Ownwell’s Greenfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greenfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greenfield to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Greenfield, Iowa
Property taxes in Greenfield, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Greenfield is 1.74%, significantly higher than the U.S. national median of 0.99%. Local government entities within Greenfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greenfield estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Greenfield's effective property tax rate to other areas in Adair County and the national median. For comparison, the zip code 50849 has both the highest and lowest median property tax rate of 1.74%. Understanding how these areas compare with Greenfield provides valuable insights into the varying tax landscape across Adair County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Greenfield Tax Rate
1.74%
Average Adair County Tax Rate
1.47%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greenfield, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50849 | 1.18% | 1.42% | 1.74% | 1.87% | 2.04% |
Source: Ownwell
Property Tax Assessment Values Across Greenfield, Iowa
In Greenfield, Iowa, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Adair County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Greenfield, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Greenfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Greenfield are both $1902 in the zip code 50849.
Average Greenfield Assessed Value
$113,705
Average Adair County Assessed Value
$113,535
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Greenfield, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50849 | $48,075 | $73,298 | $113,705 | $174,342 | $268,630 |
Source: Ownwell
Property Tax Bills Across Greenfield, Iowa
In Greenfield, IA, property tax bills are determined through a combination of the assessed value of the home and the local tax rate set by Adair County. The assessed value is based on the market value of the property, which is periodically evaluated by the county assessor. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, homeowners in Greenfield may see varying tax bills based on these factors, with the 25th percentile tax bill around $1,256 and the 75th percentile reaching $2,726. The 90th percentile tax bill goes up to $3,817, indicating a range of property values and tax rates within the city. These property tax bills significantly impact homeowners by influencing their overall cost of homeownership. While the national median property tax rate is 0.99%, the specific rates and assessed values in Greenfield can make a substantial difference in annual expenses for residents.
Average Greenfield Tax Bill
$1,902
Average Adair County Tax Bill
$1,656
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenfield, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50849 | $860 | $1,256 | $1,902 | $2,726 | $3,817 |
Source: Ownwell