Waverly, Iowa Property Taxes
The median property tax rate in Waverly, IA is 1.53%, which is notably higher than the national median of 0.99% but slightly below the Iowa state median of 1.54%. With a median home value of $207,260 in Waverly, the typical annual property tax bill amounts to $3,108, surpassing the national median of $2,690. Property taxes in Waverly are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Grasping Waverly's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Waverly 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
Waverly, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.53%
Estimate Property Tax Bill
$3,171
Ownwell’s WAVERLY Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in WAVERLY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in WAVERLY 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 Waverly, Iowa
Property taxes in Waverly, Iowa, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Waverly is 1.53%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Waverly set these rates annually, and they can vary across different neighborhoods. Each year, Waverly 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 Waverly's effective property tax rate to other counties in Iowa and the national median. For comparison, the highest median property tax rate in Bremer County is 1.53%, while the lowest median tax rate is also 1.53%, both found in the 50677 zip code. Understanding how these cities compare with Waverly 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 Waverly Tax Rate
1.53%
Average Bremer County Tax Rate
1.48%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waverly, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50677 | 1.03% | 1.40% | 1.53% | 1.60% | 1.66% |
Source: Ownwell
Property Tax Assessment Values Across Waverly, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Waverly, Iowa. 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 Waverly, 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. For example, the median home price in Waverly is $207,260, with tax bills ranging from $2,208 at the 25th percentile to $5,918 at the 90th percentile. The highest and lowest median tax bills, both at $3,108, are found in the 50677 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Waverly Assessed Value
$207,260
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 Waverly, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50677 | $89,382 | $138,980 | $207,260 | $301,900 | $402,804 |
Source: Ownwell
Property Tax Bills Across Waverly, Iowa
In Waverly, located in Bremer County, IA, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The tax rate is applied to this assessed value to determine the annual tax bill. For homeowners in Waverly, the median home price is $207,260. Property tax bills can vary significantly, with the 25th percentile at $2,208 and the 75th percentile reaching $4,440. At the 90th percentile, homeowners might see tax bills as high as $5,918. These tax bills are influenced by several factors, including the local tax rate, which is determined by the county and local government needs, and the home's assessed value, which can fluctuate based on market conditions and property improvements. Compared to the national median property tax rate of 0.99%, Waverly's property tax bills reflect the specific financial requirements and property values within Bremer County. This variation in tax bills can significantly impact homeowners' annual expenses and budgeting.
Average Waverly Tax Bill
$3,108
Average Bremer County Tax Bill
$2,696
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Waverly, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50677 | $1,513 | $2,208 | $3,108 | $4,440 | $5,918 |
Source: Ownwell