Marshalltown, Iowa Property Taxes
The median property tax rate in Marshalltown, IA is 1.68%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Marshalltown at $125,120, the typical annual property tax bill reaches $2,028, which is below the national median of $2,690. Property taxes in Marshalltown 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 Marshalltown'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 Marshalltown 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
Marshalltown, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.68%
Estimate Property Tax Bill
$2,102
Ownwell’s Marshalltown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marshalltown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marshalltown 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 Marshalltown, Iowa
Property taxes in Marshalltown, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marshalltown is 1.68%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Marshalltown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marshalltown 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 Marshalltown's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50158 zip code has the highest median property tax rate of 1.68%, while the same zip code also has the lowest median tax rate of 1.68%. Understanding how these cities compare with Marshalltown provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marshalltown Tax Rate
1.68%
Average Marshall County Tax Rate
1.58%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marshalltown, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50158 | 1.08% | 1.40% | 1.68% | 1.89% | 2.05% |
Source: Ownwell
Property Tax Assessment Values Across Marshalltown, Iowa
In Marshalltown, 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 Marshalltown 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 Marshalltown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 50158 has both the highest and lowest median tax bill, at $2028.
Average Marshalltown Assessed Value
$125,120
Average Marshall County Assessed Value
$128,210
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marshalltown, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50158 | $51,674 | $79,148 | $125,120 | $187,540 | $262,359 |
Source: Ownwell
Property Tax Bills Across Marshalltown, Iowa
In Marshalltown, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the property's market value, and this figure is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $125,120, homeowners in Marshalltown can expect varying tax bills. The 25th percentile tax bill is around $1,222, while those in the 75th percentile pay approximately $3,014. At the 90th percentile, the tax bill can reach up to $4,412. Comparatively, the highest median tax bill in the area is $2,028, which is significantly above the national median property tax rate of 0.99%. These taxes fund essential public services like schools, infrastructure, and emergency services. Therefore, understanding how these factors influence property taxes can help homeowners better manage their financial planning and obligations.
Average Marshalltown Tax Bill
$2,028
Average Marshall County Tax Bill
$1,909
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Marshalltown, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50158 | $778 | $1,222 | $2,028 | $3,014 | $4,412 |
Source: Ownwell