Marathon, Iowa Property Taxes
The median property tax rate in Marathon, IA is 1.20%, 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 Marathon, the typical annual property tax bill reaches $798, significantly lower than the national median of $2,690. Property taxes in Marathon are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Marathon'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 Marathon or another part of Buena Vista County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Marathon, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$704
Ownwell’s Marathon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marathon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marathon 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 Marathon, Iowa
Property taxes in Marathon, Iowa, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Marathon is 1.25%, significantly higher than both the Iowa state median of 1.53% and the U.S. national median of 0.99%. Local government entities within Marathon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marathon 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 Marathon's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50565 zip code has the highest median property tax rate of 1.25%, while the same zip code also has the lowest median tax rate of 1.25%. Understanding how these cities compare with Marathon provides valuable insights into the varying tax landscape across Buena Vista, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marathon Tax Rate
1.20%
Average Buena Vista County Tax Rate
1.46%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marathon, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50565 | 0.88% | 1.01% | 1.20% | 1.58% | 1.81% |
Source: Ownwell
Property Tax Assessment Values Across Marathon, Iowa
In Marathon, 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 Buena Vista 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 Marathon, 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 Marathon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 50565 has the highest and lowest median tax bill, both at $798.
Average Marathon Assessed Value
$58,630
Average Buena Vista County Assessed Value
$152,730
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marathon, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50565 | $8,800 | $25,965 | $58,630 | $156,315 | $287,220 |
Source: Ownwell
Property Tax Bills Across Marathon, Iowa
In Marathon, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the tax rate set by Buena Vista County. For example, with a median home price of $58,630, the tax bill can vary significantly. At the 25th percentile, homeowners might pay around $334, while at the 75th percentile, the bill could rise to $1,711, and at the 90th percentile, it might reach $2,958. Several factors influence the tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Marathon's rates can lead to relatively lower or higher tax bills depending on the specific value and location within the city. These property taxes directly impact homeowners by influencing their annual expenses and potentially affecting the affordability and attractiveness of owning property in Marathon. Understanding these factors can help homeowners better anticipate and manage their financial responsibilities.
Average Marathon Tax Bill
$798
Average Buena Vista County Tax Bill
$2,124
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Marathon, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50565 | $88 | $334 | $798 | $1,711 | $2,958 |
Source: Ownwell