Humeston, Iowa Property Taxes
The median property tax rate in Humeston, IA is 1.53%, slightly higher than the national median of 0.99% but just below the Iowa state median of 1.54%. With the median home value in Humeston at $129,900, the typical annual property tax bill reaches $2,024, which is lower than the national median of $2,690. Property taxes in Humeston are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Humeston'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 Humeston or another part of Clarke County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Humeston, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.53%
Estimate Property Tax Bill
$1,987
Ownwell’s Humeston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Humeston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Humeston 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 Humeston, Iowa
Property taxes in Humeston, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Humeston is 1.53%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Humeston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Humeston 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 Humeston's effective property tax rate to other areas in Iowa and the national median. For comparison, the 50123 zip code has the highest median property tax rate of 1.53%, while the same zip code also has the lowest median tax rate of 1.53%. Understanding how these figures compare with Humeston provides valuable insights into the varying tax landscape across Clarke County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Humeston Tax Rate
1.53%
Average Clarke County Tax Rate
1.89%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Humeston, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50123 | 1.50% | 1.51% | 1.53% | 1.55% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Humeston, Iowa
In Humeston, 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 Clarke 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 Humeston, 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 Humeston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Humeston are both $2024.00, found in the zip code 50123.
Average Humeston Assessed Value
$129,900
Average Clarke County Assessed Value
$115,600
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Humeston, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50123 | $116,108 | $121,280 | $129,900 | $140,920 | $147,532 |
Source: Ownwell
Property Tax Bills Across Humeston, Iowa
Property tax bills in Humeston, Clarke County, IA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the property's market value. Factors such as property size, location, and improvements can influence this value. The local tax rate is then applied to the assessed value to calculate the annual tax bill. For homeowners in Humeston, the median home price is $129,900. The tax bills can vary significantly, with the 25th percentile bill at $1,854 and the 75th percentile at $2,178. At the 90th percentile, the tax bill reaches $2,270. The highest and lowest median tax bills in the area are both around $2,024. Comparatively, the national median property tax rate is 0.99%, which provides a useful benchmark. Understanding these factors helps homeowners anticipate their annual tax obligations and budget accordingly, ensuring they are prepared for this essential expense.
Average Humeston Tax Bill
$2,024
Average Clarke County Tax Bill
$2,187
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Humeston, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50123 | $1,752 | $1,854 | $2,024 | $2,178 | $2,270 |
Source: Ownwell