Reasnor, Iowa Property Taxes
The median property tax rate in Reasnor, IA is 1.21%, which is higher than both the national median of 0.99% and the Iowa state median of 1.54%. With a median home value of $123,980 in Reasnor, the typical annual property tax bill amounts to $1,753, which is below the national median of $2,690. Property taxes in Reasnor are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Reasnor'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 Reasnor or another part of Jasper County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Reasnor, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$1,500
Ownwell’s Reasnor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Reasnor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Reasnor 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 Reasnor, Iowa
Property taxes in Reasnor, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Reasnor is 1.21%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Reasnor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Reasnor 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 Reasnor's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50232 zip code has the highest median property tax rate of 1.21%, while the same zip code also has the lowest median tax rate of 1.21%. Understanding how these cities compare with Reasnor provides valuable insights into the varying tax landscape across Jasper County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Reasnor Tax Rate
1.21%
Average Jasper County Tax Rate
1.61%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Reasnor, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50232 | 0.98% | 1.05% | 1.21% | 1.97% | 2.21% |
Source: Ownwell
Property Tax Assessment Values Across Reasnor, Iowa
In Reasnor, 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 Jasper 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 Reasnor, 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 instance, the median home price in Reasnor is $123,980, with tax bills ranging from $1,114 at the 25th percentile to $3,366 at the 90th percentile. The zip code 50232 has the highest and lowest median tax bill of $1,753. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Reasnor Assessed Value
$123,980
Average Jasper County Assessed Value
$166,390
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Reasnor, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50232 | $37,984 | $68,380 | $123,980 | $206,580 | $319,416 |
Source: Ownwell
Property Tax Bills Across Reasnor, Iowa
In Reasnor, property tax bills are determined based on the assessed value of the property, which is influenced by various factors such as property size, location, and market conditions. The assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Reasnor, the median home price is $123,980, and the tax bills can vary significantly. The tax bill at the 25th percentile is $1,114, while at the 75th percentile, it rises to $2,434. For those in the 90th percentile, the tax bill can reach up to $3,366. These tax bills reflect a range of factors, including public services funded by property taxes, such as schools and infrastructure. Compared to the national median property tax rate of 0.99%, homeowners in Reasnor experience a range of tax burdens depending on their property's assessed value. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Reasnor Tax Bill
$1,753
Average Jasper County Tax Bill
$2,548
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Reasnor, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50232 | $594 | $1,114 | $1,753 | $2,434 | $3,366 |
Source: Ownwell