Fairbank, Iowa Property Taxes
The median property tax rate in Fairbank, IA is 1.30%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $157,120 in Fairbank, the typical annual property tax bill amounts to $2,074, which is below the national median of $2,690. Property taxes in Fairbank are determined based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Fairbank'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 Fairbank or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fairbank, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.3%
Estimate Property Tax Bill
$2,043
Ownwell’s Fairbank Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairbank with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairbank 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 Fairbank, Iowa
Property taxes in Fairbank, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairbank is 1.30%, notably higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Fairbank set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairbank 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 Fairbank's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50629 zip code has the highest median property tax rate of 1.30%, while the same zip code also has the lowest median tax rate of 1.30%. Understanding how these areas compare with Fairbank provides valuable insights into the varying tax landscape across Buchanan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairbank Tax Rate
1.30%
Average Buchanan County Tax Rate
1.39%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairbank, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50629 | 1.11% | 1.19% | 1.30% | 1.38% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Fairbank, Iowa
In Fairbank, 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 Buchanan County Appraisal District 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 Fairbank, 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 Fairbank helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2,074 in zip code 50629, while the lowest is also $2,074 in the same zip code.
Average Fairbank Assessed Value
$157,120
Average Buchanan County Assessed Value
$154,105
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairbank, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50629 | $61,002 | $108,270 | $157,120 | $226,485 | $312,646 |
Source: Ownwell
Property Tax Bills Across Fairbank, Iowa
Property tax bills in Fairbank, located in Buchanan County, IA, are calculated based on the assessed value of a property, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the tax bill. For instance, with a median home price of $157,120, the local tax rate is applied to this value to calculate the annual property tax. Several factors influence the tax bill, including property location, size, and any improvements made. Homeowners in Fairbank experience a range of tax bills, with the 25th percentile paying around $1,334 and the 75th percentile paying about $2,850. At the higher end, the 90th percentile sees tax bills close to $3,730. Comparatively, the national median property tax rate is 0.99%, and Fairbank's figures reflect the local economic conditions and property values. This variability in property tax bills can significantly impact homeowners' finances, influencing decisions on buying, selling, or renovating properties within the area.
Average Fairbank Tax Bill
$2,074
Average Buchanan County Tax Bill
$2,162
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairbank, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50629 | $735 | $1,334 | $2,074 | $2,850 | $3,730 |
Source: Ownwell