Bennett, Iowa Property Taxes
The median property tax rate in Bennett, IA is 1.17%, 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 Bennett being $163,660, the typical annual property tax bill amounts to $1,826, which is below the national median of $2,690. Property taxes in Bennett are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural land. Understanding Bennett'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 Bennett or another part of Cedar County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bennett, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$1,915
Ownwell’s Bennett Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bennett with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bennett 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 Cedar County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Bennett, Iowa
Property taxes in Bennett, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bennett is 1.17%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Bennett set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bennett 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 Bennett's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52721 zip code has the highest median property tax rate of 1.17%, while the 52721 zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Bennett provides valuable insights into the varying tax landscape across Cedar County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bennett Tax Rate
1.17%
Average Cedar County Tax Rate
1.28%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bennett, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52721 | 0.91% | 1.02% | 1.17% | 1.28% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Bennett, Iowa
In Bennett, 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 Cedar 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. Assessment notices in Bennett 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 Bennett helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Bennett, the highest and lowest median tax bills are both $1,826, located in the 52721 zip code. The median home price stands at $163,660, with tax bills ranging from $1,290 at the 25th percentile to $3,320 at the 90th percentile.
Average Bennett Assessed Value
$163,660
Average Cedar County Assessed Value
$186,910
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bennett, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52721 | $83,301 | $103,352 | $163,660 | $238,598 | $319,729 |
Source: Ownwell
Property Tax Bills Across Bennett, Iowa
In Bennett, Cedar County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For example, with a median home price of $163,660, the property tax rate in this area results in a median tax bill of approximately $1,826. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions or deductions. Homeowners in Bennett can expect their tax bills to vary, with the 25th percentile tax bill around $1,290 and the 75th percentile reaching $2,574. At the 90th percentile, the tax bill can go up to $3,320. Compared to the national median property tax rate of 0.99%, Bennett's property tax rate may seem relatively moderate, but it still significantly impacts homeowners by contributing to local services and infrastructure. Understanding these factors helps homeowners anticipate and manage their annual property tax obligations effectively.
Average Bennett Tax Bill
$1,826
Average Cedar County Tax Bill
$2,390
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Bennett, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52721 | $969 | $1,290 | $1,826 | $2,574 | $3,320 |
Source: Ownwell