Frederika, Iowa Property Taxes
The median property tax rate in Frederika, IA is 1.39%, 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 Frederika at $58,560, the typical annual property tax bill amounts to $824, which is below the national median of $2,690. Property taxes in Frederika are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Frederika'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 Frederika or another part of Bremer County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Frederika, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.39%
Estimate Property Tax Bill
$814
Ownwell’s Frederika Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Frederika with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Frederika 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 Frederika, Iowa
Property taxes in Frederika, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Frederika is 1.39%, significantly higher than the U.S. national median of 0.99%. Local government entities within Frederika set these rates annually, and they can vary significantly across different neighborhoods. Each year, Frederika 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 Frederika's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50631 has the highest median property tax rate of 1.39%, while the same zip code also has the lowest median tax rate of 1.39%. Understanding how these cities compare with Frederika provides valuable insights into the varying tax landscape across Bremer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Frederika Tax Rate
1.39%
Average Bremer County Tax Rate
1.48%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Frederika, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50631 | 1.18% | 1.25% | 1.39% | 1.55% | 1.79% |
Source: Ownwell
Property Tax Assessment Values Across Frederika, Iowa
In Frederika, 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 Bremer 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 Frederika, 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 Frederika helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Frederika are both $824, found in the zip code 50631. This is significantly lower than the national median property tax rate of 0.99%.
Average Frederika Assessed Value
$58,560
Average Bremer County Assessed Value
$189,165
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Frederika, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50631 | $10,224 | $27,730 | $58,560 | $93,820 | $120,586 |
Source: Ownwell
Property Tax Bills Across Frederika, Iowa
In Frederika, Iowa, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. Factors considered in determining the tax bill include the property's size, location, and improvements. Homeowners in Frederika can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $392, while the 75th percentile reaches $1,326, and the 90th percentile can go up to $1,811. This variability reflects differences in property values and specific local tax rates within Bremer County. The median home price in Frederika is $58,560, which is relatively low compared to national figures. This lower market value results in a lower property tax burden for homeowners, providing some financial relief compared to areas with higher property values.
Average Frederika Tax Bill
$824
Average Bremer County Tax Bill
$2,696
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Frederika, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50631 | $156 | $392 | $824 | $1,326 | $1,811 |
Source: Ownwell