Hopkinton, Iowa Property Taxes
The median property tax rate in Hopkinton, IA is 1.11%, which is higher than the national median of 0.99% but lower than Iowa's state median of 1.54%. With a median home value in Hopkinton of $180,685, the typical annual property tax bill amounts to $2,002, falling below the national median of $2,690. Property taxes in Hopkinton are based on the tax assessed value, which is often less than the market value due to exemptions like primary residence and agricultural exemptions. By understanding Hopkinton's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve significant annual savings. Whether you're in the heart of Hopkinton or another part of the city, grasping the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Hopkinton, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,006
Ownwell’s Hopkinton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hopkinton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hopkinton 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 Hopkinton, Iowa
Property taxes in Hopkinton, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hopkinton is 1.11%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Hopkinton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hopkinton 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 Hopkinton's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52237 zip code has the highest median property tax rate of 1.11%, while the same zip code also has the lowest median tax rate of 1.11%. Understanding how these cities compare with Hopkinton provides valuable insights into the varying tax landscape across Jones County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hopkinton Tax Rate
1.11%
Average Jones County Tax Rate
1.38%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hopkinton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52237 | 1.07% | 1.08% | 1.11% | 1.13% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Hopkinton, Iowa
In Hopkinton, 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. Assessment notices in Hopkinton 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 Hopkinton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2,002 in the 52237 zip code.
Average Hopkinton Assessed Value
$180,685
Average Jones County Assessed Value
$156,350
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hopkinton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52237 | $173,537 | $176,218 | $180,685 | $185,152 | $187,833 |
Source: Ownwell
Property Tax Bills Across Hopkinton, Iowa
In Hopkinton, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. The local tax rate is applied to this assessed value to calculate the annual tax bill. For example, in Jones County, where Hopkinton is located, homeowners typically see tax bills ranging from $1,913 at the 25th percentile to $2,144 at the 90th percentile. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Homeowners in Hopkinton may find their property tax bills slightly higher or lower than the national median property tax rate of 0.99%, depending on these factors. Understanding how these elements interact can help homeowners better anticipate their annual property tax obligations and plan their finances accordingly.
Average Hopkinton Tax Bill
$2,002
Average Jones County Tax Bill
$2,222
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Hopkinton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52237 | $1,860 | $1,913 | $2,002 | $2,091 | $2,144 |
Source: Ownwell