Hillsboro, Iowa Property Taxes
The median property tax rate in Hillsboro, IA is 1.13%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Hillsboro, the typical annual property tax bill reaches $2,404, which is below the national median of $2,690. Property taxes in Hillsboro are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Hillsboro'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 Hillsboro 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
Hillsboro, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$2,273
Ownwell’s Hillsboro Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hillsboro with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Hillsboro to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in seeing trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is the amount determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Hillsboro, Iowa
Property taxes in Hillsboro, Iowa, are essential for funding key local services like public schools, road maintenance, and emergency services. The median tax rate in Hillsboro is 1.13%, which is notably higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Hillsboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hillsboro 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 Hillsboro's effective property tax rate to other counties in Iowa and the national median. For comparison, the ZIP code 52630 has both the highest and lowest median property tax rate of 1.13%. Understanding how these areas compare with Hillsboro provides valuable insights into the varying tax landscape across Lee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hillsboro Tax Rate
1.13%
Average Lee County Tax Rate
1.57%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hillsboro, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52630 | 0.98% | 1.03% | 1.13% | 1.20% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Hillsboro, Iowa
In Hillsboro, 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 Hillsboro, 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 Hillsboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median property tax bill in Hillsboro is $2,404, with the zip code 52630 having both the highest and lowest median tax bills at $2,404.
Average Hillsboro Assessed Value
$201,190
Average Lee County Assessed Value
$99,640
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hillsboro, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52630 | $87,220 | $130,390 | $201,190 | $263,575 | $340,444 |
Source: Ownwell
Property Tax Bills Across Hillsboro, Iowa
In Hillsboro, located in Lee County, IA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor's office and reflects the market value of the property. This value is then multiplied by the local property tax rate to calculate the annual tax bill. Several factors influence the property tax bill, including the home's assessed value, the local tax rate, and any applicable exemptions or deductions. For instance, a home with a median price of $201,190 in Hillsboro would see varying tax bills depending on specific circumstances. The tax bill at the 25th percentile is around $1,508, while it rises to $2,964 at the 75th percentile and reaches $3,944 at the 90th percentile. Homeowners in Hillsboro can expect their property taxes to impact their overall housing costs significantly. Compared to the national median property tax rate of 0.99%, the tax rates in Hillsboro can lead to a wide range of annual tax bills, affecting household budgets and long-term financial planning.
Average Hillsboro Tax Bill
$2,404
Average Lee County Tax Bill
$1,604
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Hillsboro, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52630 | $905 | $1,508 | $2,404 | $2,964 | $3,944 |
Source: Ownwell