Randalia, Iowa Property Taxes
The median property tax rate in Randalia, IA is 1.16%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $135,130 in Randalia, the typical annual property tax bill amounts to $1,478, which is below the national median of $2,690. Property taxes in Randalia are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Randalia'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 Randalia or another part of Fayette County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Randalia, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$1,568
Ownwell’s Randalia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Randalia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Randalia 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 Randalia, Iowa
Property taxes in Randalia, Iowa, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Randalia is 1.18%, higher than both the Iowa state median of 1.50% and the U.S. national median of 0.99%. Local government entities within Randalia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Randalia 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 Randalia's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52164 zip code has the highest median property tax rate of 1.18%, while the 52164 zip code has the lowest median tax rate of 1.18%. Understanding how these cities compare with Randalia provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Randalia Tax Rate
1.16%
Average Fayette County Tax Rate
1.39%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Randalia, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52164 | 0.95% | 1.03% | 1.16% | 1.46% | 1.53% |
Source: Ownwell
Property Tax Assessment Values Across Randalia, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Randalia, Iowa. 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 for tax purposes by the Fayette County Assessor. 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 Randalia, 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. For instance, the median home price in Randalia is $135,130, with tax bills ranging from $635 at the 25th percentile to $4,664 at the 90th percentile. The zip code 52164 has the highest median tax bill of $1,478. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Randalia Assessed Value
$135,130
Average Fayette County Assessed Value
$118,020
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Randalia, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52164 | $12,420 | $45,955 | $135,130 | $242,220 | $397,340 |
Source: Ownwell
Property Tax Bills Across Randalia, Iowa
In Randalia, 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 property tax rate set by Fayette County. The median home price in Randalia is $135,130, and homeowners typically see a range of tax bills depending on their property's value and specific circumstances. For instance, the tax bill at the 25th percentile is $635, while it rises to $2,863 at the 75th percentile and can reach up to $4,664 at the 90th percentile. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Compared to the national median property tax rate of 0.99%, Randalia's tax bills reflect a diverse range of financial responsibilities for homeowners, influenced by the local economy and property values.
Average Randalia Tax Bill
$1,478
Average Fayette County Tax Bill
$1,568
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Randalia, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52164 | $182 | $635 | $1,478 | $2,863 | $4,664 |
Source: Ownwell