Sumner, Iowa Property Taxes
The median property tax rate in Sumner, IA is 1.06%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Sumner at $229,230, the typical annual property tax bill reaches $2,520, which is below the national median of $2,690. Property taxes in Sumner are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Sumner'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 Sumner 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
Sumner, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$2,430
Ownwell’s Sumner Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sumner with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sumner 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 Sumner, Iowa
Property taxes in Sumner, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sumner is 1.06%, which is higher than the U.S. national median of 0.99%. Local government entities within Sumner set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sumner 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 Sumner's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50674 has the same median property tax rate of 1.06%. Understanding how these cities compare with Sumner provides valuable insights into the varying tax landscape across Bremer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sumner Tax Rate
1.06%
Average Fayette County Tax Rate
1.39%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sumner, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50674 | 0.92% | 0.98% | 1.06% | 1.33% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Sumner, Iowa
In Sumner, Iowa, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 Fayette County 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 Sumner, 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. The median home price in Sumner is $229,230, with tax bills ranging from the 25th percentile at $1,747 to the 90th percentile at $6,232. The highest and lowest median tax bills in the area are both $2,520, found in the 50674 zip code. By understanding 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 Sumner helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sumner Assessed Value
$229,230
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 Sumner, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50674 | $108,900 | $167,298 | $229,230 | $356,978 | $492,770 |
Source: Ownwell
Property Tax Bills Across Sumner, Iowa
In Sumner, located in Fayette County, IA, property tax bills are calculated based on the assessed value of a home and the local property tax rate. The assessed value is determined by the local assessor's office and reflects the market value of the property. Homeowners in Sumner can expect their property tax bill to be influenced by the assessed value of their property, which is then multiplied by the local tax rate to determine the final amount owed. Factors such as property improvements, neighborhood developments, and changes in the real estate market can affect the assessed value. The median home price in Sumner is $229,230, and property tax bills can vary widely. For example, the tax bill at the 25th percentile is $1,747, while at the 75th percentile, it rises to $4,295. At the 90th percentile, homeowners might see a tax bill as high as $6,232. These property taxes directly impact homeowners by affecting their annual budget and overall cost of homeownership.
Average Sumner Tax Bill
$2,520
Average Fayette County Tax Bill
$1,568
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Sumner, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50674 | $1,032 | $1,747 | $2,520 | $4,295 | $6,232 |
Source: Ownwell