Scranton, Iowa Property Taxes
The median property tax rate in Scranton, IA is 1.17%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $107,550 in Scranton, the typical annual property tax bill amounts to $1,236, which is below the national median of $2,690. Property taxes in Scranton are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural use. Understanding Scranton's property tax system and exploring available exemptions can lead to substantial annual savings. Whether you're in the heart of Scranton or another part of Greene County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Scranton, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$1,258
Ownwell’s Scranton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Scranton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Scranton 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 Scranton, Iowa
Property taxes in Scranton, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Scranton is 1.17%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Scranton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Scranton 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 Scranton's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51462 zip code has the highest median property tax rate of 1.17%, while the same zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Scranton 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 Scranton Tax Rate
1.17%
Average Greene County Tax Rate
1.35%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Scranton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51462 | 0.92% | 1.04% | 1.17% | 1.37% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Scranton, Iowa
In Scranton, 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 Scranton, 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 Scranton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,236, found in the 51462 zip code.
Average Scranton Assessed Value
$107,550
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 Scranton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51462 | $24,860 | $54,100 | $107,550 | $166,500 | $247,670 |
Source: Ownwell
Property Tax Bills Across Scranton, Iowa
In Scranton, Greene County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $107,550, homeowners can expect varying tax bills depending on specific assessments and exemptions. Factors such as property size, location, and improvements can influence the assessed value and, consequently, the tax bill. In Greene County, the 25th percentile of property tax bills is around $650, while the 75th percentile reaches up to $2047. At the 90th percentile, homeowners might see tax bills as high as $3047. These property taxes fund essential community services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, the tax rates in Scranton can significantly impact homeowners, making it crucial to understand how these bills are calculated and explore potential exemptions or appeals.
Average Scranton Tax Bill
$1,236
Average Greene County Tax Bill
$1,434
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Scranton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51462 | $305 | $650 | $1,236 | $2,047 | $3,047 |
Source: Ownwell