Elma, Iowa Property Taxes
The median property tax rate in Elma, IA is 1.53%, slightly higher than the national median of 0.99% but just below the Iowa state median of 1.54%. With the median home value in Elma at $100,190, the typical annual property tax bill amounts to $1,436, which is less than the national median of $2,690. Property taxes in Elma are determined based on the assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Elma'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 Elma or another part of Howard County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elma, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.53%
Estimate Property Tax Bill
$1,533
Ownwell’s ELMA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ELMA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ELMA 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 Elma, Iowa
Property taxes in Elma, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elma is 1.53%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Elma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elma 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 Elma's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50628 zip code has both the highest and lowest median property tax rate of 1.53%. Understanding how these cities compare with Elma provides valuable insights into the varying tax landscape across Howard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elma Tax Rate
1.53%
Average Howard County Tax Rate
1.43%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elma, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50628 | 1.02% | 1.14% | 1.53% | 1.78% | 1.96% |
Source: Ownwell
Property Tax Assessment Values Across Elma, Iowa
In Elma, 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 Howard 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 Elma, 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. For example, the median home price in Elma is $100,190, with the 25th percentile tax bill at $952 and the 75th percentile tax bill at $2,246. The highest median tax bill is $1,436 in the zip code 50628. Understanding these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elma Assessed Value
$100,190
Average Howard County Assessed Value
$120,780
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elma, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50628 | $33,040 | $60,880 | $100,190 | $181,560 | $295,610 |
Source: Ownwell
Property Tax Bills Across Elma, Iowa
In Elma, IA, property tax bills are calculated based on the assessed value of a property, which is determined by the Howard County Assessor's Office. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Factors such as property size, location, and market conditions influence the assessed value. For instance, the median home price in Elma is $100,190. Homeowners in Elma can expect tax bills that vary significantly. The 25th percentile tax bill is around $952, while those in the 75th percentile pay approximately $2246. For the top 10% of properties, tax bills can reach up to $3524. These figures highlight the range of property tax obligations within the community. Compared to the national median property tax rate of 0.99%, Elma's tax rates reflect the local economic conditions and public service funding needs. Understanding these factors helps homeowners anticipate their financial responsibilities and budget accordingly.
Average Elma Tax Bill
$1,436
Average Howard County Tax Bill
$1,672
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Elma, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50628 | $527 | $952 | $1,436 | $2,246 | $3,524 |
Source: Ownwell