Paton, Iowa Property Taxes
The median property tax rate in Paton, IA is 1.14%, which is notably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Paton at $90,500, the typical annual property tax bill reaches $1,022, falling below the national median of $2,690. Property taxes in Paton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Paton'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 Paton or another part of Greene County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Paton, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$1,032
Ownwell’s Paton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Paton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Paton 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 Greene County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Paton, Iowa
Property taxes in Paton, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Paton is 1.14%, higher than the U.S. national median of 0.99%. Local government entities within Paton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Paton 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 Paton's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50217 has the highest median property tax rate of 1.14%, while the same zip code also has the lowest median tax rate of 1.14%. Understanding how these cities compare with Paton 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 Paton Tax Rate
1.14%
Average Greene County Tax Rate
1.35%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Paton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50217 | 0.87% | 1.01% | 1.14% | 1.34% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Paton, Iowa
In Paton, 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 Paton, 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. For example, the median home price in Paton is $90,500, and property tax bills can range significantly, with the 25th percentile at $555 and the 75th percentile at $1,829. The highest median tax bill is $1,022 in zip code 50217, which also has the lowest median 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 Paton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Paton Assessed Value
$90,500
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 Paton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50217 | $16,160 | $47,400 | $90,500 | $178,600 | $232,000 |
Source: Ownwell
Property Tax Bills Across Paton, Iowa
In Paton, Greene County, IA, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Paton is $90,500. Local tax authorities assess properties to determine their taxable value, which is then multiplied by the local tax rate to calculate the annual tax bill. For example, the tax bill for homes in the 25th percentile is around $555, while those in the 75th percentile pay approximately $1,829. Homes in the 90th percentile face tax bills up to $2,508. Several factors influence the total tax bill, including the assessed value of the property, local tax rates, and any applicable exemptions or deductions. Homeowners in Paton benefit from understanding these components, as they directly impact their annual expenses. Compared to the national median property tax rate of 0.99%, Paton's tax rates reflect the local economic conditions and public service funding needs, affecting how much each homeowner contributes.
Average Paton Tax Bill
$1,022
Average Greene County Tax Bill
$1,434
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Paton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50217 | $208 | $555 | $1,022 | $1,829 | $2,508 |
Source: Ownwell