Parnell, Iowa Property Taxes
The median property tax rate in Parnell, IA, is 1.30%, which is considerably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $141,835 in Parnell, the typical annual property tax bill amounts to $1,897, falling below the national median of $2,690. Property taxes in Parnell are calculated based on the tax-assessed value, usually lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Parnell'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 Parnell 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
Parnell, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.3%
Estimate Property Tax Bill
$1,844
Ownwell’s Parnell Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Parnell with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Parnell to provide an estimate of 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, taking into account any exemptions that may apply.
Property Tax Rates Across Parnell, Iowa
Property taxes in Parnell, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Parnell is 1.30%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Parnell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Parnell 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 Parnell's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52325 zip code has the highest median property tax rate of 1.30%, while the 52325 zip code also has the lowest median tax rate of 1.30%. Understanding how these cities compare with Parnell provides valuable insights into the varying tax landscape across Iowa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Parnell Tax Rate
1.30%
Average Iowa County Tax Rate
1.36%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Parnell, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52325 | 1.10% | 1.16% | 1.30% | 1.63% | 1.88% |
Source: Ownwell
Property Tax Assessment Values Across Parnell, Iowa
In Parnell, 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. In Parnell, 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 Parnell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $141,835, with the highest median tax bill recorded at $1,897 in zip code 52325.
Average Parnell Assessed Value
$141,835
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 Parnell, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52325 | $11,807 | $45,022 | $141,835 | $275,105 | $381,981 |
Source: Ownwell
Property Tax Bills Across Parnell, Iowa
In Parnell, located in Iowa County, IA, property tax bills are calculated based on the assessed value of a home, not its market value. The assessment rate and local tax rates play significant roles in determining the final tax bill. For example, the median home price in Parnell is $141,835, and the tax bills can vary widely. Homeowners in the 25th percentile pay around $694, while those in the 75th percentile face bills up to $3,266. At the 90th percentile, tax bills can reach $4,567. The assessed value is determined by local assessors who evaluate the property's worth. This value is then multiplied by the local tax rate to calculate the annual property tax bill. High property taxes can significantly impact homeowners by increasing the cost of owning a home. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners in Parnell to understand how local rates and assessments affect their financial responsibilities.
Average Parnell Tax Bill
$1,897
Average Iowa County Tax Bill
$2,134
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Parnell, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52325 | $214 | $694 | $1,897 | $3,266 | $4,567 |
Source: Ownwell