Jamaica, Iowa Property Taxes
The median property tax rate in Jamaica, IA is 1.11%, which is higher than both the national median of 0.99% and the Iowa state median of 1.54%. With a median home value in Jamaica of $195,200, the typical annual property tax bill reaches $2,250, slightly lower than the national median of $2,690. Property taxes in Jamaica are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Jamaica'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 Jamaica 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
Jamaica, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,167
Ownwell’s Jamaica Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jamaica with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jamaica 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 Jamaica, Iowa
Property taxes in Jamaica, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jamaica is 1.11%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Jamaica set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jamaica 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 Jamaica's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50128 zip code has the highest median property tax rate of 1.11%, while the 50128 zip code also has the lowest median tax rate of 1.11%. Understanding how these cities compare with Jamaica provides valuable insights into the varying tax landscape across Greene County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jamaica Tax Rate
1.11%
Average Greene County Tax Rate
1.35%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jamaica, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50128 | 0.95% | 1.05% | 1.11% | 1.21% | 1.53% |
Source: Ownwell
Property Tax Assessment Values Across Jamaica, Iowa
In Jamaica, 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 Greene 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 Jamaica, 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 Jamaica helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 50128 has both the highest and lowest median tax bill, standing at $2,250.
Average Jamaica Assessed Value
$195,200
Average Greene County Assessed Value
$113,750
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jamaica, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50128 | $73,320 | $100,300 | $195,200 | $268,700 | $321,940 |
Source: Ownwell
Property Tax Bills Across Jamaica, Iowa
In Jamaica, Greene 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. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For instance, with a median home price of $195,200, homeowners can expect tax bills varying significantly depending on their property's assessed value and specific circumstances. Factors such as improvements to the property, changes in market conditions, and local budget requirements can influence the assessed value. Homeowners in Jamaica typically see tax bills ranging from $1,290 at the 25th percentile to $3,570 at the 90th percentile, reflecting the diversity in property values and individual assessments. Compared to the national median property tax rate of 0.99%, the rates in Jamaica can significantly impact homeowners' financial planning and long-term investment in their properties.
Average Jamaica Tax Bill
$2,250
Average Greene County Tax Bill
$1,434
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Jamaica, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50128 | $784 | $1,290 | $2,250 | $3,078 | $3,570 |
Source: Ownwell