Hillsboro, Iowa Property Taxes
The median property tax rate in Hillsboro, IA is 1.41%, which is higher than the national median of 0.99% but slightly lower than the Iowa state median of 1.54%. With the median home value in Hillsboro, the typical annual property tax bill amounts to $606, significantly below the national median of $2,690. Property taxes in Hillsboro are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hillsboro'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 Hillsboro 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
Hillsboro, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.41%
Estimate Property Tax Bill
$577
Ownwell’s Hillsboro Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers an easy way to estimate their annual property taxes in Hillsboro using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hillsboro to provide an estimate of your property tax bill. This valuable 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 Henry County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Hillsboro, Iowa
Property taxes in Hillsboro, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hillsboro is 1.41%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Hillsboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hillsboro 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 Hillsboro's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52630 zip code has the highest median property tax rate of 1.41%, while the same zip code also has the lowest median tax rate of 1.41%. Understanding how these cities compare with Hillsboro provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hillsboro Tax Rate
1.41%
Average Henry County Tax Rate
1.59%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hillsboro, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52630 | 1.06% | 1.27% | 1.41% | 1.61% | 1.75% |
Source: Ownwell
Property Tax Assessment Values Across Hillsboro, Iowa
In Hillsboro, 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 Henry 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 Hillsboro, 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 Hillsboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Hillsboro is $40,945, with the median tax bill ranging from $261 at the 25th percentile to $2,142 at the 90th percentile. Notably, the highest and lowest median tax bills are both found in zip code 52630 at $606.
Average Hillsboro Assessed Value
$40,945
Average Henry County Assessed Value
$136,180
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hillsboro, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52630 | $5,379 | $16,672 | $40,945 | $78,072 | $171,140 |
Source: Ownwell
Property Tax Bills Across Hillsboro, Iowa
Property tax bills in Hillsboro, located in Henry County, Iowa, are calculated based on the assessed value of a property and the applicable tax rate. The assessed value is determined by the local assessor's office and reflects the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For homeowners in Hillsboro, the median home price is $40,945. The property tax rate in this area results in a median tax bill of $606.00, which is below the national median property tax rate of 0.99%. Homeowners in the 25th percentile can expect a tax bill of around $261, while those in the 75th percentile might see bills closer to $1,071. At the higher end, the 90th percentile tax bill reaches approximately $2,142. These property taxes fund essential services such as public schools, infrastructure, and emergency services, directly impacting the quality of life in Hillsboro. Lower property tax rates can make homeownership more affordable, but they also mean fewer resources for community services.
Average Hillsboro Tax Bill
$606
Average Henry County Tax Bill
$2,175
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Hillsboro, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52630 | $76 | $261 | $606 | $1,071 | $2,142 |
Source: Ownwell