Elk Horn, Iowa Property Taxes
The median property tax rate in Elk Horn, IA is 1.21%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Elk Horn, the typical annual property tax bill reaches $1,598, which is below the national median of $2,690. Property taxes in Elk Horn are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Elk Horn'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 Elk Horn 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
Elk Horn, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$1,656
Ownwell’s Elk Horn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elk Horn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elk Horn 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 Elk Horn, Iowa
Property taxes in Elk Horn, Iowa, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elk Horn is 1.21%, significantly higher than both the Iowa state median of 1.43% and the U.S. national median of 0.99%. Local government entities within Elk Horn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elk Horn 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 Elk Horn's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51531 zip code has the highest median property tax rate of 1.21%, while the 51531 zip code has the lowest median tax rate of 1.21%. Understanding how these cities compare with Elk Horn provides valuable insights into the varying tax landscape across Audubon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elk Horn Tax Rate
1.21%
Average Audubon County Tax Rate
1.32%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elk Horn, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51531 | 0.92% | 1.07% | 1.21% | 1.33% | 1.76% |
Source: Ownwell
Property Tax Assessment Values Across Elk Horn, Iowa
In Elk Horn, 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 Audubon 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 Elk Horn, 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 Elk Horn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Elk Horn is $136,895, with the highest median tax bill recorded at $1,598 in the 51531 zip code.
Average Elk Horn Assessed Value
$136,895
Average Audubon County Assessed Value
$103,200
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elk Horn, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51531 | $57,336 | $74,930 | $136,895 | $188,495 | $235,361 |
Source: Ownwell
Property Tax Bills Across Elk Horn, Iowa
In Elk Horn, located in Audubon County, IA, property tax bills are calculated based on the assessed value of a home. The median home price in this region stands at $136,895. Property taxes are determined by multiplying the assessed home value by the local tax rate and then considering any applicable exemptions or deductions. In Elk Horn, the median property tax bill is $1,598, which is higher than the national median property tax rate of 0.99%. Factors influencing the tax bill include the home's assessed value, the local tax rate, and any exemptions for which the homeowner may qualify. For instance, the 25th percentile tax bill in this area is $901, while the 75th percentile tax bill reaches $2,167, and the 90th percentile tax bill is $2,984. These figures illustrate the range of property tax burdens homeowners can expect, depending on their property's assessed value and applicable exemptions. Higher property tax bills can impact homeowners by increasing the overall cost of homeownership, potentially influencing decisions about buying or selling property.
Average Elk Horn Tax Bill
$1,598
Average Audubon County Tax Bill
$1,352
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Elk Horn, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51531 | $646 | $901 | $1,598 | $2,167 | $2,984 |
Source: Ownwell