Bradford, Iowa Property Taxes
The median property tax rate in Bradford, IA is 1.31%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Bradford being $42,600, the typical annual property tax bill amounts to $518, which is substantially lower than the national median of $2,690. Property taxes in Bradford are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Bradford'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 Bradford 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
Bradford, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$558
Ownwell’s Bradford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bradford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bradford 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 Bradford, Iowa
Property taxes in Bradford, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bradford is 1.31%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Bradford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bradford 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 Bradford's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50041 zip code has the highest median property tax rate of 1.31%, while the same zip code also has the lowest median tax rate of 1.31%. Understanding how these cities compare with Bradford provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bradford Tax Rate
1.31%
Average Franklin County Tax Rate
1.64%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bradford, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50041 | 0.96% | 1.15% | 1.31% | 1.51% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Bradford, Iowa
In Bradford, 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 Franklin 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 Bradford, 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 Bradford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 50041 has both the highest and lowest median tax bill at $518.
Average Bradford Assessed Value
$42,600
Average Franklin County Assessed Value
$103,400
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bradford, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50041 | $4,790 | $21,900 | $42,600 | $64,375 | $83,440 |
Source: Ownwell
Property Tax Bills Across Bradford, Iowa
In Bradford, Franklin County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. For example, the median home price in Bradford is $42,600. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property improvements, market conditions, and neighborhood trends can influence the assessed value. Homeowners in Bradford experience a range of property tax bills. The 25th percentile tax bill is $262, while the 75th percentile reaches $856, and the 90th percentile is $1,125. These variations reflect differences in property values and specific assessments. Compared to the national median property tax rate of 0.99%, Bradford's rates can be seen as relatively moderate. For homeowners, understanding these assessments and the potential for changes in property value is crucial for financial planning. High tax bills can impact affordability, while lower bills might indicate less strain on household budgets.
Average Bradford Tax Bill
$518
Average Franklin County Tax Bill
$1,653
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Bradford, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50041 | $73 | $262 | $518 | $856 | $1,125 |
Source: Ownwell