Toronto, Iowa Property Taxes
The median property tax rate in Toronto, IA is 1.40%, which is significantly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $67,710 in Toronto, the typical annual property tax bill amounts to $1,040, falling below the national median of $2,690. Property taxes in Toronto are based on the assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Toronto's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Toronto or another part of Clinton County, grasping the local property tax nuances will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Toronto, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$948
Ownwell’s Toronto Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Toronto with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Toronto 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 Toronto, Iowa
Property taxes in Toronto, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Toronto is 1.40%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Toronto set these rates annually, and they can vary significantly across different neighborhoods. Each year, Toronto 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 Toronto's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52777 zip code has both the highest and lowest median property tax rate of 1.40%. Understanding how these areas compare with Toronto provides valuable insights into the varying tax landscape across Clinton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Toronto Tax Rate
1.40%
Average Clinton County Tax Rate
1.59%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Toronto, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52777 | 1.16% | 1.26% | 1.40% | 1.50% | 1.90% |
Source: Ownwell
Property Tax Assessment Values Across Toronto, Iowa
In Toronto, 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 Clinton 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 Toronto, 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. The zip code with the highest median tax bill is 52777, with a median bill of $1,040. Being aware of these valuation processes in Toronto helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Toronto Assessed Value
$67,710
Average Clinton County Assessed Value
$133,420
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Toronto, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52777 | $11,308 | $38,695 | $67,710 | $102,700 | $139,798 |
Source: Ownwell
Property Tax Bills Across Toronto, Iowa
In Toronto, located in Clinton County, IA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Toronto, the median home price is $67,710, which serves as a baseline for these calculations. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Homeowners in this region can expect a range of tax bills, with the 25th percentile at $542 and the 75th percentile at $1,515. At the higher end, the 90th percentile tax bill reaches $2,265. Comparatively, the national median property tax rate is 0.99%, making Toronto's property taxes relatively manageable. However, these taxes significantly impact homeowners by influencing their overall housing costs and financial planning.
Average Toronto Tax Bill
$1,040
Average Clinton County Tax Bill
$2,178
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Toronto, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52777 | $167 | $542 | $1,040 | $1,515 | $2,265 |
Source: Ownwell