Watkins, Iowa Property Taxes
The median property tax rate in Watkins, IA is 0.96%, slightly lower than the national median of 0.99% and significantly below the Iowa state median of 1.54%. With the median home value in Watkins at $276,450, the typical annual property tax bill reaches $2,588, which is less than the national median of $2,690. Property taxes in Watkins are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Watkins' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Watkins or another part of Benton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Watkins, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$2,654
Ownwell’s Watkins Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Watkins with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Watkins 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 Watkins, Iowa
Property taxes in Watkins, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Watkins is 0.96%, just slightly below the U.S. national median of 0.99%. Local government entities within Watkins set these rates annually, and they can vary significantly across different neighborhoods. Each year, Watkins 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 Watkins' effective property tax rate to other areas in Iowa and the national median. For comparison, the ZIP code 52354 has both the highest and lowest median property tax rate of 0.96%. Understanding how these areas compare with Watkins provides valuable insights into the varying tax landscape across Benton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Watkins Tax Rate
0.96%
Average Benton County Tax Rate
1.37%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Watkins, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52354 | 0.84% | 0.90% | 0.96% | 1.02% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Watkins, Iowa
In Watkins, 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 Benton 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 Watkins, 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. The highest median tax bill in Watkins is $2,588 in zip code 52354, while the lowest is also $2,588 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Watkins Assessed Value
$276,450
Average Benton County Assessed Value
$183,200
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Watkins, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52354 | $71,250 | $157,775 | $276,450 | $404,950 | $531,150 |
Source: Ownwell
Property Tax Bills Across Watkins, Iowa
In Watkins, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessors. The assessed value is then multiplied by the local tax rate, which is influenced by various factors including the county's budget needs and voter-approved levies. For example, with a median home price of $276,450, homeowners can expect their property tax bill to vary significantly. The 25th percentile tax bill in Watkins is around $1,378, while those in the 75th percentile pay approximately $4,030. High-value properties might see tax bills reaching up to $6,424, as seen in the 90th percentile. These figures highlight the variability in tax burdens, which can impact homeowners differently depending on their property's assessed value. Comparatively, the national median property tax rate is 0.99%, making Watkins’ rates relatively moderate. Homeowners need to be aware of these factors as they can significantly affect annual expenses and overall affordability of homeownership in the area.
Average Watkins Tax Bill
$2,588
Average Benton County Tax Bill
$2,460
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Watkins, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52354 | $564 | $1,378 | $2,588 | $4,030 | $6,424 |
Source: Ownwell