Ellsworth, Iowa Property Taxes
The median property tax rate in Ellsworth, IA is 1.45%, which is considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Ellsworth at $152,360, the typical annual property tax bill reaches $2,204, exceeding the national median of $2,690. Property taxes in Ellsworth are calculated based on the tax-assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ellsworth'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 Ellsworth 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
Ellsworth, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.45%
Estimate Property Tax Bill
$2,209
Ownwell’s Ellsworth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ellsworth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ellsworth 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 Ellsworth, Iowa
Property taxes in Ellsworth, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ellsworth is 1.45%, which is higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Ellsworth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ellsworth 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 Ellsworth's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50075 zip code has the highest median property tax rate of 1.45%, while the same zip code also has the lowest median tax rate of 1.45%. Understanding how these cities compare with Ellsworth provides valuable insights into the varying tax landscape across Hamilton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ellsworth Tax Rate
1.45%
Average Hamilton County Tax Rate
1.61%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ellsworth, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50075 | 1.14% | 1.23% | 1.45% | 1.57% | 1.63% |
Source: Ownwell
Property Tax Assessment Values Across Ellsworth, Iowa
In Ellsworth, 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 Hamilton 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 Ellsworth, 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 Ellsworth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Ellsworth is $2204 in zip code 50075, while the lowest median tax bill is also $2204 in the same zip code.
Average Ellsworth Assessed Value
$152,360
Average Hamilton County Assessed Value
$127,340
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ellsworth, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50075 | $51,360 | $91,020 | $152,360 | $227,680 | $337,094 |
Source: Ownwell
Property Tax Bills Across Ellsworth, Iowa
In Ellsworth, located in Hamilton County, IA, property tax bills are calculated based on the assessed value of your home. The local assessor determines this value by evaluating various factors, including the property's market value, location, and physical characteristics. Once the assessed value is established, the property tax rate is applied to calculate the tax bill. For homeowners in Ellsworth, the property tax bill can vary significantly. The 25th percentile tax bill is approximately $1,367, while the 75th percentile reaches around $3,036. At the 90th percentile, homeowners might see tax bills as high as $4,292. These figures highlight the variability in property tax burdens within the community. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for evaluating local rates. High property taxes can impact homeowners by increasing the overall cost of homeownership, potentially affecting affordability and influencing decisions about buying or selling property in the area.
Average Ellsworth Tax Bill
$2,204
Average Hamilton County Tax Bill
$1,946
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Ellsworth, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50075 | $802 | $1,367 | $2,204 | $3,036 | $4,292 |
Source: Ownwell