Farnhamville, Iowa Property Taxes
The median property tax rate in Farnhamville, IA is 0.95%, slightly below the national median of 0.99% and significantly lower than the Iowa state median of 1.54%. With a median home value of $86,390, the typical annual property tax bill in Farnhamville reaches $842, which is well below the national median of $2,690. Property taxes in Farnhamville are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. By understanding Farnhamville's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve substantial annual savings. Whether you're in the heart of Farnhamville or another part of Calhoun County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Farnhamville, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$821
Ownwell’s Farnhamville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farnhamville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farnhamville 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 Farnhamville, Iowa
Property taxes in Farnhamville, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farnhamville is 1.12%, higher than both the Iowa state median of 1.29% and the U.S. national median of 0.99%. Local government entities within Farnhamville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farnhamville 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 Farnhamville's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50538 zip code has the highest median property tax rate of 1.12%, while the same zip code also has the lowest median tax rate of 1.12%. Understanding how these cities compare with Farnhamville provides valuable insights into the varying tax landscape across Calhoun County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farnhamville Tax Rate
0.95%
Average Calhoun County Tax Rate
1.32%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farnhamville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50538 | 0.75% | 0.84% | 0.95% | 1.06% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Farnhamville, Iowa
In Farnhamville, 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 Calhoun 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 Farnhamville, 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 Farnhamville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $842, found in zip code 50538.
Average Farnhamville Assessed Value
$86,390
Average Calhoun County Assessed Value
$99,020
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farnhamville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50538 | $23,870 | $47,925 | $86,390 | $144,015 | $230,550 |
Source: Ownwell
Property Tax Bills Across Farnhamville, Iowa
In Farnhamville, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The tax rate for Calhoun County is applied to this assessed value to determine the annual tax bill. Several factors influence this calculation, including the property's location, size, and market value. For homeowners in Farnhamville, the median home price is $86,390. Property tax bills can vary significantly; the 25th percentile tax bill is $438, while the 75th percentile reaches $1,302. At the 90th percentile, homeowners might pay as much as $2,237. Comparatively, the national median property tax rate is 0.99%, making Farnhamville's rates relatively moderate. These taxes fund essential public services such as schools, emergency services, and infrastructure maintenance, directly impacting the community's quality of life. Homeowners should be aware of these factors, as they influence both monthly mortgage payments and long-term property investment returns.
Average Farnhamville Tax Bill
$842
Average Calhoun County Tax Bill
$1,396
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Farnhamville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50538 | $221 | $438 | $842 | $1,302 | $2,237 |
Source: Ownwell