Drakesville, Iowa Property Taxes
The median property tax rate in Drakesville, IA is 1.67%, significantly higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Drakesville, the typical annual property tax bill reaches $1,898, which is lower than the national median of $2,690. Property taxes in Drakesville are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Drakesville'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 Drakesville or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Drakesville, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$2,070
Ownwell’s Drakesville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Drakesville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Drakesville 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 Drakesville, Iowa
Property taxes in Drakesville, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Drakesville is 1.67%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Drakesville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Drakesville 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 Drakesville's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52552 zip code has the highest median property tax rate of 1.67%, while the same zip code also has the lowest median tax rate of 1.67%. Understanding how these cities compare with Drakesville provides valuable insights into the varying tax landscape across Davis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Drakesville Tax Rate
1.67%
Average Davis County Tax Rate
1.75%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Drakesville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52552 | 1.21% | 1.50% | 1.67% | 1.79% | 1.91% |
Source: Ownwell
Property Tax Assessment Values Across Drakesville, Iowa
In Drakesville, 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 Davis 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 Drakesville, 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 Drakesville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median property tax bill in Drakesville is $1,898, with zip code 52552 having both the highest and lowest median tax bill at the same value.
Average Drakesville Assessed Value
$123,935
Average Davis County Assessed Value
$127,685
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Drakesville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52552 | $16,982 | $50,940 | $123,935 | $196,778 | $275,973 |
Source: Ownwell
Property Tax Bills Across Drakesville, Iowa
In Drakesville, located in Davis County, IA, property tax bills are calculated using the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value and applies an assessment ratio. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the tax bill, including property characteristics, market conditions, and any applicable exemptions or abatements. For instance, the median home price in Drakesville is $123,935, and based on this, homeowners can expect varying tax bills. The tax bill at the 25th percentile is $816, while at the 75th percentile, it reaches $3004, and at the 90th percentile, it can be as high as $4431. These property taxes significantly impact homeowners, as they directly affect monthly mortgage payments and overall housing affordability. Understanding how these taxes are calculated helps homeowners budget effectively and anticipate changes in their financial obligations.
Average Drakesville Tax Bill
$1,898
Average Davis County Tax Bill
$2,254
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Drakesville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52552 | $258 | $816 | $1,898 | $3,004 | $4,431 |
Source: Ownwell