Norway, Iowa Property Taxes
The median property tax rate in Norway, IA is 0.97%, slightly below the national median of 0.99% and significantly lower than the Iowa state median of 1.54%. With the median home value in Norway at $194,520, the typical annual property tax bill amounts to $1,873, which is less than the national median of $2,690. Property taxes in Norway are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Norway'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 Norway 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
Norway, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$1,887
Ownwell’s Norway Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Norway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norway 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 Norway, Iowa
Property taxes in Norway, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norway is 0.97%, just slightly below the U.S. national median of 0.99%. Local government entities within Norway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norway 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 Norway's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52318 zip code has both the highest and lowest median property tax rates at 0.97%. Understanding how these cities compare with Norway provides valuable insights into the varying tax landscape across Iowa, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Norway Tax Rate
0.97%
Average Iowa County Tax Rate
1.36%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norway, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52318 | 0.92% | 0.94% | 0.97% | 1.05% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Norway, Iowa
In Norway, 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 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. 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 Norway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the zip code 52318 has the highest median tax bill at $1,873, offering a perspective on regional tax variations.
Average Norway Assessed Value
$194,520
Average Iowa County Assessed Value
$157,090
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Norway, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52318 | $114,802 | $150,140 | $194,520 | $271,315 | $352,147 |
Source: Ownwell
Property Tax Bills Across Norway, Iowa
In Norway, Iowa, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Norway, the median home price is $194,520. The property tax rate in Iowa County is 0.96%, slightly below the national median of 0.99%. This results in a typical annual property tax bill of $1,873. Homeowners at the 25th percentile can expect to pay around $1,422, while those at the 75th percentile might see bills closer to $2,722. The highest tax bills, at the 90th percentile, can reach up to $3,631. These variations can significantly impact household budgets, making it crucial for homeowners to understand how their tax bills are determined and to explore potential exemptions or appeals.
Average Norway Tax Bill
$1,873
Average Iowa County Tax Bill
$2,134
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Norway, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52318 | $1,256 | $1,422 | $1,873 | $2,722 | $3,631 |
Source: Ownwell