Nora Springs, Iowa Property Taxes
The median property tax rate in Nora Springs, IA is 1.34%, which is considerably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $137,190 in Nora Springs, the typical annual property tax bill reaches $1,812, falling below the national median of $2,690. Property taxes in Nora Springs are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Nora Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Nora Springs 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
Nora Springs, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.34%
Estimate Property Tax Bill
$1,838
Ownwell’s Nora Springs Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Nora Springs. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Nora Springs to provide an accurate estimate of your property tax bill. This valuable resource helps you understand your potential tax liabilities with ease. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by Floyd County for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Nora Springs, Iowa
Property taxes in Nora Springs, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nora Springs is 1.34%, which is higher than the U.S. national median of 0.99%. Local government entities within Nora Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nora Springs 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 Nora Springs' effective property tax rate to other areas in Iowa and the national median. For comparison, the zip code 50458 has the highest median property tax rate of 1.34%, while the same zip code also has the lowest median tax rate of 1.34%. Understanding how these figures compare with Nora Springs provides valuable insights into the varying tax landscape across Floyd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nora Springs Tax Rate
1.34%
Average Floyd County Tax Rate
1.40%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nora Springs, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50458 | 1.01% | 1.25% | 1.34% | 1.43% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Nora Springs, Iowa
In Nora Springs, 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 Floyd 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 Nora Springs, 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 Nora Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median property tax bill in the 50458 zip code stands at $1,812, reflecting the local tax landscape.
Average Nora Springs Assessed Value
$137,190
Average Floyd County Assessed Value
$118,220
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nora Springs, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50458 | $48,560 | $88,010 | $137,190 | $205,110 | $307,260 |
Source: Ownwell
Property Tax Bills Across Nora Springs, Iowa
In Nora Springs, located in Floyd County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by county assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, homeowners in Nora Springs face a median property tax bill of $1,812, which is relatively low compared to the national median property tax rate of 0.99%. Several factors influence the tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or abatements. For example, the 25th percentile of property tax bills is $1,209, while the 75th percentile reaches $2,642. At the higher end, the 90th percentile tax bill can be as much as $3,870. These variations can significantly impact homeowners, particularly those with higher-valued properties. Understanding these factors is crucial for homeowners as they plan their finances, ensuring they can meet their annual property tax obligations without undue strain.
Average Nora Springs Tax Bill
$1,812
Average Floyd County Tax Bill
$1,659
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Nora Springs, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50458 | $752 | $1,209 | $1,812 | $2,642 | $3,870 |
Source: Ownwell