Waterloo, Iowa Property Taxes
The median property tax rate in Waterloo, IA is 1.70%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Waterloo, the typical annual property tax bill reaches $1,926, falling below the national median of $2,690. Property taxes in Waterloo 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 Waterloo'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 Waterloo 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
Waterloo, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.7%
Estimate Property Tax Bill
$1,991
Ownwell’s Waterloo Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Waterloo, Black Hawk County with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Waterloo to estimate your property tax bill. This valuable 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 Waterloo, Iowa
Property taxes in Waterloo, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waterloo is 1.70%, significantly higher than the U.S. national median of 0.99%. Local government entities within Waterloo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waterloo 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 Waterloo's effective property tax rate to other areas in Black Hawk County and the national median. For comparison, the 50701 zip code has the highest median property tax rate of 1.74%, while the 50707 zip code has the lowest median tax rate of 1.61%. Understanding how these areas compare with Waterloo 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 Waterloo Tax Rate
1.70%
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 Waterloo, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50701 | 1.37% | 1.61% | 1.74% | 1.83% | 1.97% |
| 50702 | 1.42% | 1.56% | 1.65% | 1.80% | 1.99% |
| 50703 | 1.19% | 1.44% | 1.65% | 1.86% | 2.07% |
| 50707 | 1.47% | 1.56% | 1.61% | 1.79% | 1.95% |
Source: Ownwell
Property Tax Assessment Values Across Waterloo, Iowa
In Waterloo, 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 Waterloo, 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 Waterloo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the highest median tax bill is $2,556 in the 50701 zip code, while the lowest median tax bill is $1,140 in the 50703 zip code.
Average Waterloo Assessed Value
$117,140
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 Waterloo, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50701 | $47,996 | $84,540 | $150,000 | $213,530 | $302,968 |
| 50702 | $47,820 | $74,535 | $123,590 | $161,635 | $205,036 |
| 50703 | $27,833 | $45,020 | $64,875 | $106,910 | $172,137 |
| 50707 | $21,116 | $74,070 | $121,045 | $158,442 | $204,959 |
Source: Ownwell
Property Tax Bills Across Waterloo, Iowa
In Waterloo, Black Hawk County, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The median home price in the area is $117,140. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Homeowners in Waterloo can expect a wide range of tax bills, with the 25th percentile at $1,090 and the 75th percentile at $2,920. For those in the 90th percentile, the tax bill can be as high as $4,092. Several factors influence the tax bill, including the home's location, size, and market value. For example, the highest median tax bill in the city is $2,556 in the 50701 zip code, while the lowest is $1,140 in the 50703 zip code. Compared to the national median property tax rate of 0.99%, Waterloo's property taxes can significantly impact homeowners, affecting their monthly expenses and overall financial planning.
Average Waterloo Tax Bill
$1,926
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 Waterloo, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50701 | $812 | $1,472 | $2,556 | $3,634 | $5,024 |
| 50702 | $831 | $1,258 | $1,998 | $2,698 | $3,414 |
| 50703 | $558 | $814 | $1,140 | $1,764 | $2,440 |
| 50707 | $457 | $1,418 | $1,970 | $2,554 | $3,098 |
Source: Ownwell