Masonville, Iowa Property Taxes
The median property tax rate in Masonville, IA is 1.17%, which is higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Masonville at $240,980, the typical annual property tax bill reaches $2,740, slightly above the national median of $2,690. Property taxes in Masonville 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 Masonville'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 Masonville 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
Masonville, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$2,819
Ownwell’s Masonville Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Masonville with just two key data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Masonville to provide an estimated property tax bill. This insightful tool helps you comprehend potential tax liabilities, making it easier to plan your finances. For those interested in more detailed trends at the neighborhood level, additional localized information is available. Your property’s assessed value, determined by Buchanan County, is used for property tax calculations and accounts for any applicable exemptions.
Property Tax Rates Across Masonville, Iowa
Property taxes in Masonville, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Masonville is 1.17%, higher than the U.S. national median of 0.99%. Local government entities within Masonville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Masonville 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 Masonville's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50654 zip code has the highest median property tax rate of 1.17%, while the 50654 zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Masonville 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 Masonville Tax Rate
1.17%
Average Buchanan County Tax Rate
1.39%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Masonville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50654 | 0.95% | 1.08% | 1.17% | 1.24% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Masonville, Iowa
In Masonville, 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 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 Masonville, 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 Masonville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Masonville is $240,980, with the highest median tax bill recorded at $2,740 in zip code 50654.
Average Masonville Assessed Value
$240,980
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 Masonville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50654 | $124,260 | $181,580 | $240,980 | $335,875 | $479,864 |
Source: Ownwell
Property Tax Bills Across Masonville, Iowa
In Masonville, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is typically a percentage of the market value of the property. Homeowners in Masonville can expect their property tax bills to vary significantly depending on the assessed value of their homes. For instance, the median home price in Masonville is $240,980. Tax bills in this area range widely, with the 25th percentile paying around $1,978 annually, and the 75th percentile facing bills closer to $4,026. At the 90th percentile, homeowners might see tax bills as high as $5,714. These property taxes contribute to local services such as schools, infrastructure, and public safety, directly impacting the community. Compared to the national median property tax rate of 0.99%, Masonville's property tax rates can vary, reflecting the diverse range of property values and local tax policies. Understanding these factors can help homeowners better anticipate their annual tax obligations.
Average Masonville Tax Bill
$2,740
Average Buchanan County Tax Bill
$2,162
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Masonville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50654 | $1,294 | $1,978 | $2,740 | $4,026 | $5,714 |
Source: Ownwell