Hamburg, Iowa Property Taxes
The median property tax rate in Hamburg, IA is 1.21%, 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 Hamburg at $87,130, the typical annual property tax bill reaches $1,136, falling below the national median of $2,690. Property taxes in Hamburg are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Hamburg'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 Hamburg 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
Hamburg, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$1,054
Ownwell’s Hamburg Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Hamburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hamburg 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 Hamburg, Iowa
Property taxes in Hamburg, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hamburg is 1.21%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Hamburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hamburg 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 Hamburg's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51640 zip code has the highest median property tax rate of 1.21%, while the 51640 zip code also has the lowest median tax rate of 1.21%. Understanding how these cities compare with Hamburg provides valuable insights into the varying tax landscape across Fremont County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hamburg Tax Rate
1.21%
Average Fremont County Tax Rate
1.28%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hamburg, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51640 | 0.46% | 0.96% | 1.21% | 1.48% | 1.72% |
Source: Ownwell
Property Tax Assessment Values Across Hamburg, Iowa
In Hamburg, Iowa, understanding the distinction between "market value" and "assessed value" is essential for grasping 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 Fremont 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. Assessment notices in Hamburg 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. In Hamburg, the median home price is $87,130, and the median tax bill ranges from $354 at the 25th percentile to $2,816 at the 90th percentile. The zip code with the highest median tax bill is 51640, standing at $1,136. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hamburg Assessed Value
$87,130
Average Fremont County Assessed Value
$118,270
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hamburg, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51640 | $6,393 | $35,070 | $87,130 | $151,062 | $244,203 |
Source: Ownwell
Property Tax Bills Across Hamburg, Iowa
In Hamburg, located in Fremont County, IA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This assessed value is then multiplied by the property tax rate to determine the annual tax bill. Several factors influence the assessed value, including the home's location, size, and condition. For example, the median home price in Hamburg is $87,130. Homeowners in the 25th percentile can expect a tax bill around $354, while those in the 75th percentile might see a bill up to $1,771. The 90th percentile tax bill can reach $2,816, reflecting higher-valued properties. Compared to the national median property tax rate of 0.99%, Hamburg's rates can significantly impact homeowners, making it crucial for them to understand how these taxes are determined and budget accordingly.
Average Hamburg Tax Bill
$1,136
Average Fremont County Tax Bill
$1,562
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Hamburg, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51640 | $59 | $354 | $1,136 | $1,771 | $2,816 |
Source: Ownwell