Williamsburg, Iowa Property Taxes
The median property tax rate in Williamsburg, IA is 1.44%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Williamsburg at $201,990, the typical annual property tax bill reaches $2,900, exceeding the national median of $2,690. Property taxes in Williamsburg 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 Williamsburg'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 Williamsburg 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
Williamsburg, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.44%
Estimate Property Tax Bill
$2,909
Ownwell’s Williamsburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Williamsburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Williamsburg 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 Williamsburg, Iowa
Property taxes in Williamsburg, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Williamsburg is 1.44%, significantly higher than the U.S. national median of 0.99%. Local government entities within Williamsburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Williamsburg 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 Williamsburg's effective property tax rate to other areas and the national median. For comparison, the 52361 zip code has the highest median property tax rate of 1.44%, while the same zip code also has the lowest median tax rate of 1.44%. Understanding how these areas compare with Williamsburg 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 Williamsburg Tax Rate
1.44%
Average Iowa County Tax Rate
1.36%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Williamsburg, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52361 | 1.13% | 1.22% | 1.44% | 1.53% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Williamsburg, Iowa
In Williamsburg, 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 Williamsburg, 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 Williamsburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 52361 has both the highest and lowest median tax bill, each amounting to $2,900.
Average Williamsburg Assessed Value
$201,990
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 Williamsburg, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52361 | $57,844 | $136,360 | $201,990 | $285,265 | $380,494 |
Source: Ownwell
Property Tax Bills Across Williamsburg, Iowa
In Williamsburg, Iowa, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to arrive at the annual tax bill. The median home price in Williamsburg is $201,990, with tax bills varying significantly across different percentiles. For instance, homeowners at the 25th percentile pay around $1,921 annually, while those at the 75th percentile see tax bills of approximately $3,899. At the 90th percentile, the tax bill can reach up to $4,991. Factors influencing the tax bill include property size, location, and improvements made to the home. Compared to the national median property tax rate of 0.99%, Williamsburg's tax rates can be considered relatively moderate, yet they still represent a significant financial consideration for homeowners. Understanding these factors can help residents better anticipate their yearly obligations and plan their finances accordingly.
Average Williamsburg Tax Bill
$2,900
Average Iowa County Tax Bill
$2,134
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Williamsburg, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52361 | $605 | $1,921 | $2,900 | $3,899 | $4,991 |
Source: Ownwell