Somers, Iowa Property Taxes
The median property tax rate in Somers, IA is 0.88%, which is notably lower than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Somers at $130,280, the typical annual property tax bill amounts to $1,062, significantly below the national median of $2,690. Property taxes in Somers are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Somers' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Somers or another part of Calhoun County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Somers, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$1,146
Ownwell’s Somers Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Somers with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Somers 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 Somers, Iowa
Property taxes in Somers, Iowa, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Somers is 0.88%, which is lower than the U.S. national median of 0.99%. Local government entities within Somers set these rates annually, and they can vary significantly across different neighborhoods. Each year, Somers 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 Somers' effective property tax rate to other areas in Iowa and the national median. For comparison, the zip code 50586 has the highest median property tax rate of 0.88%, while the same zip code also has the lowest median tax rate of 0.88%. Understanding how these areas compare with Somers 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 Somers Tax Rate
0.88%
Average Calhoun County Tax Rate
1.32%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Somers, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50586 | 0.64% | 0.77% | 0.88% | 0.98% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Somers, Iowa
In Somers, 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 Somers, 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 Somers helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Somers is $130,280, with the 25th percentile tax bill at $520 and the 75th percentile tax bill at $1,806. The highest and lowest median tax bill is $1,062, both in the 50586 zip code.
Average Somers Assessed Value
$130,280
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 Somers, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50586 | $20,880 | $58,650 | $130,280 | $187,290 | $290,990 |
Source: Ownwell
Property Tax Bills Across Somers, Iowa
In Somers, Iowa, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For instance, the median home price in Somers is $130,280. Homeowners in this area can expect their tax bills to vary significantly, with the 25th percentile paying around $520 annually, and the 75th percentile paying approximately $1,806. At the 90th percentile, tax bills can reach up to $2,728. Several factors influence the assessed value, including the property's market value, improvements made to the home, and comparable property values in the area. These property taxes are essential for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, homeowners in Somers experience varying tax bills, reflecting the diverse property values and local tax rates within the region.
Average Somers Tax Bill
$1,062
Average Calhoun County Tax Bill
$1,396
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Somers, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50586 | $208 | $520 | $1,062 | $1,806 | $2,728 |
Source: Ownwell