Parnell, Iowa Property Taxes
The median property tax rate in Parnell, IA is 1.22%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $244,800 in Parnell, the typical annual property tax bill reaches $3,138, surpassing the national median of $2,690. Property taxes in Parnell are calculated based on the tax assessed value, which often falls below 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
1.22%
Estimate Property Tax Bill
$2,987
Ownwell’s Parnell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Parnell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Parnell 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 Parnell, Iowa
Property taxes in Parnell, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Parnell is 1.22%, significantly 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 both the highest and lowest median property tax rate of 1.22%. Understanding how these cities compare with Parnell provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Parnell Tax Rate
1.22%
Average Johnson County Tax Rate
1.71%
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 | 1.00% | 1.10% | 1.22% | 1.27% | 1.33% |
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 Johnson 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 zip code 52325 has the highest and lowest median tax bill, both at $3,138, highlighting the importance of understanding local property tax nuances.
Average Parnell Assessed Value
$244,800
Average Johnson County Assessed Value
$229,790
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 | $40,500 | $180,300 | $244,800 | $344,300 | $399,400 |
Source: Ownwell
Property Tax Bills Across Parnell, Iowa
In Parnell, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The tax rate is then applied to this assessed value to determine the annual tax bill. Factors influencing the assessed value include the property's market value, location, and any improvements made. For homeowners, this means that changes in the real estate market or home renovations can significantly impact their tax obligations. In Johnson County, where Parnell is located, the median home price stands at $244,800. Property tax bills can vary widely, with the 25th percentile at $2,090 and the 75th percentile at $4,196. For those in the 90th percentile, tax bills can reach up to $5,206. Comparatively, the national median property tax rate is 0.99%, highlighting the relatively higher tax burden in this area. Homeowners in Parnell must budget for these taxes, as they are a crucial component of homeownership costs.
Average Parnell Tax Bill
$3,138
Average Johnson County Tax Bill
$3,786
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 | $628 | $2,090 | $3,138 | $4,196 | $5,206 |
Source: Ownwell