Washburn, Iowa Property Taxes
The median property tax rate in Washburn, IA is 0.98%, slightly below the national median of 0.99% and significantly lower than Iowa's state median of 1.54%. With a median home value of $132,435 in Washburn, the typical annual property tax bill is $1,313, which falls well below the national median of $2,690. Property taxes in Washburn are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. By understanding Washburn's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're in the heart of Washburn or another part of Black Hawk County, grasping the local property tax intricacies will yield financial benefits.
Last Updated June 14, 2024
Washburn, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$1,298
Ownwell’s WASHBURN Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in WASHBURN using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in WASHBURN to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available further down the page. Your property’s assessed value, determined by the county, is used for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Washburn, Iowa
Property taxes in Washburn, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Washburn is 0.98%, slightly below the U.S. national median of 0.99%. Local government entities within Washburn set these rates annually, and they can vary across different neighborhoods. Each year, Washburn 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 Washburn's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50702 has both the highest and lowest median property tax rate of 0.98%. Understanding how these cities compare with Washburn provides valuable insights into the varying tax landscape across Black Hawk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Washburn Tax Rate
0.98%
Average Black Hawk County Tax Rate
1.57%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Washburn, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50702 | 0.94% | 0.97% | 0.98% | 1.01% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Washburn, Iowa
In Washburn, 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 Black Hawk 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 Washburn, 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 Washburn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 50702 in Washburn has the highest and lowest median tax bill, both at $1,313. The 25th percentile tax bill is $1,164, while the 75th percentile tax bill is $1,528, and the 90th percentile tax bill is $1,968.
Average Washburn Assessed Value
$132,435
Average Black Hawk County Assessed Value
$149,990
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Washburn, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50702 | $107,250 | $118,412 | $132,435 | $155,408 | $196,070 |
Source: Ownwell
Property Tax Bills Across Washburn, Iowa
In Washburn, located in Black Hawk County, IA, property tax bills are calculated based on the assessed value of a home, which reflects its market value. The median home price in Washburn is $132,435. Property taxes are determined by applying the local tax rate to this assessed value. For homeowners, this means that various factors, including the home's size, location, and improvements, can influence the assessed value and, consequently, the tax bill. In Washburn, property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $1,164, while at the 75th percentile, it rises to $1,528. At the 90th percentile, homeowners can expect a tax bill of $1,968. These figures highlight the range of property tax liabilities within the city. Comparing these numbers to the national median property tax rate of 0.99%, Washburn's property taxes are relatively moderate. This variability in tax bills affects homeowners differently, impacting their overall financial planning and the affordability of homeownership in the area.
Average Washburn Tax Bill
$1,313
Average Black Hawk County Tax Bill
$2,318
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Washburn, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50702 | $1,048 | $1,164 | $1,313 | $1,528 | $1,968 |
Source: Ownwell