Forest City, Iowa Property Taxes
The median property tax rate in Forest City, IA is 1.14%, which is considerably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Forest City at $199,240, the typical annual property tax bill reaches $2,126, falling below the national median of $2,690. Property taxes in Forest City 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 Forest City'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 Forest City 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
Forest City, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$2,271
Ownwell’s Forest City Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Forest City with ease. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Forest City to provide an accurate estimate of your property tax bill. This tool is essential for understanding your potential tax liabilities and planning your finances accordingly. For those interested in more localized trends, additional neighborhood-level information is available below. The assessed value of your property is determined by the county for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Forest City, Iowa
Property taxes in Forest City, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Forest City is 1.14%, significantly higher than both the Iowa state median of 1.29% and the U.S. national median of 0.99%. Local government entities within Forest City set these rates annually, and they can vary across different neighborhoods. Each year, Forest City 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 Forest City's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50436 zip code 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 Forest City provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Forest City Tax Rate
1.14%
Average Hancock County Tax Rate
1.39%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Forest City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50436 | 0.91% | 1.01% | 1.14% | 1.74% | 1.83% |
Source: Ownwell
Property Tax Assessment Values Across Forest City, Iowa
In Forest City, 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 local appraisal district 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 Forest City, 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 Forest City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in Forest City is 50436, with a median tax bill of $2,126.
Average Forest City Assessed Value
$199,240
Average Hancock County Assessed Value
$129,985
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Forest City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50436 | $2,696 | $91,890 | $199,240 | $295,510 | $381,899 |
Source: Ownwell
Property Tax Bills Across Forest City, Iowa
In Forest City, IA, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $199,240, homeowners in Forest City can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $816, while the 75th percentile tax bill reaches up to $3,482. At the higher end, the 90th percentile tax bill can be as much as $5,153. Several factors influence these tax bills, including property size, location, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Forest City's tax bills reflect the specific economic and regulatory environment of Hancock County. Understanding these factors helps homeowners anticipate their annual expenses and plan accordingly. The highest and lowest median tax bills in the area are both $2,126, indicating a level of consistency in tax assessments within the zip code 50436.
Average Forest City Tax Bill
$2,126
Average Hancock County Tax Bill
$1,680
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Forest City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50436 | $49 | $816 | $2,126 | $3,482 | $5,153 |
Source: Ownwell