Wellsburg, Iowa Property Taxes
The median property tax rate in Wellsburg, IA is 1.28%, slightly higher than the national median of 0.99% but lower than Iowa's state median of 1.54%. With the median home value in Wellsburg at $121,800, the typical annual property tax bill reaches $1,518, which is below the national median of $2,690. Property taxes in Wellsburg are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Wellsburg'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 Wellsburg or another part of Grundy County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wellsburg, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.28%
Estimate Property Tax Bill
$1,559
Ownwell’s Wellsburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wellsburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wellsburg 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 Wellsburg, Iowa
Property taxes in Wellsburg, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wellsburg is 1.28%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Wellsburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wellsburg 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 Wellsburg's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50680 zip code has the highest median property tax rate of 1.28%, while the same zip code also has the lowest median tax rate of 1.28%. Understanding how these cities compare with Wellsburg provides valuable insights into the varying tax landscape across Grundy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wellsburg Tax Rate
1.28%
Average Grundy County Tax Rate
1.29%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wellsburg, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50680 | 0.89% | 1.12% | 1.28% | 1.34% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Wellsburg, Iowa
In Wellsburg, 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 Grundy 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 Wellsburg, 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 Wellsburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Wellsburg is $121,800, with the 25th percentile tax bill at $1,062 and the 75th percentile tax bill at $2,376. The highest median tax bill is $1,518 in the 50680 zip code, which is also the lowest median tax bill.
Average Wellsburg Assessed Value
$121,800
Average Grundy County Assessed Value
$168,355
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wellsburg, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50680 | $55,860 | $83,985 | $121,800 | $206,140 | $328,170 |
Source: Ownwell
Property Tax Bills Across Wellsburg, Iowa
In Wellsburg, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessors. The median home price in Wellsburg is $121,800. To calculate the tax bill, the assessed value is multiplied by the local property tax rate. In Grundy County, where Wellsburg is located, the median property tax bill stands at $1,518, which is above the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the home's assessed value, local tax rates, and any applicable exemptions. For instance, homeowners in the 25th percentile pay around $1,062, while those in the 75th percentile face bills of $2,376. At the 90th percentile, the tax bill can reach up to $3,890. These varying amounts reflect differences in property values and the specific tax rates applied. For homeowners, understanding these factors is crucial as property taxes represent a significant portion of annual housing costs. Higher tax bills can impact overall affordability and long-term financial planning.
Average Wellsburg Tax Bill
$1,518
Average Grundy County Tax Bill
$2,137
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Wellsburg, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50680 | $710 | $1,062 | $1,518 | $2,376 | $3,890 |
Source: Ownwell