Terril, Iowa Property Taxes
The median property tax rate in Terril, IA is 1.07%, which is higher than the national median of 0.99%, but lower than the Iowa state median of 1.54%. With a median home value of $226,000 in Terril, the typical annual property tax bill amounts to $2,343, slightly below the national median of $2,690. Property taxes in Terril are based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Terril'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 Terril or another part of Emmet County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Terril, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$2,418
Ownwell’s Terril Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Terril with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Terril 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 Terril, Iowa
Property taxes in Terril, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Terril is 1.07%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Terril set these rates annually, and they can vary significantly across different neighborhoods. Each year, Terril 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 Terril's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51364 zip code has the highest median property tax rate of 1.07%, while the 51364 zip code has the lowest median tax rate of 1.07%. Understanding how these cities compare with Terril provides valuable insights into the varying tax landscape across Emmet County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Terril Tax Rate
1.07%
Average Emmet County Tax Rate
1.51%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Terril, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51364 | 0.72% | 0.98% | 1.07% | 1.19% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across Terril, Iowa
In Terril, 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 local appraisal district 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 Terril, 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 Terril helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in Terril is 51364, with a value of $2,343, which is significantly above the national median property tax rate of 0.99%.
Average Terril Assessed Value
$226,000
Average Emmet County Assessed Value
$98,400
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Terril, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51364 | $140,720 | $187,325 | $226,000 | $264,800 | $338,090 |
Source: Ownwell
Property Tax Bills Across Terril, Iowa
In Terril, located in Emmet County, IA, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. Homeowners in Terril experience a range of property tax bills, with the 25th percentile at $1,840 and the 75th percentile at $3,220. The median home price in Terril is $226,000, influencing the overall tax burden. Several factors contribute to the final tax bill, including the property's assessed value, exemptions, and the local tax rate. Compared to the national median property tax rate of 0.99%, homeowners in Terril may find their tax rates relatively aligned with national averages. For instance, the highest median tax bill in the area is $2,343, which is within a comparable range. Understanding these factors helps homeowners anticipate their annual property tax expenses, ensuring better financial planning and stability.
Average Terril Tax Bill
$2,343
Average Emmet County Tax Bill
$1,436
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Terril, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51364 | $1,306 | $1,840 | $2,343 | $3,220 | $3,850 |
Source: Ownwell