Hastings, Iowa Property Taxes
The median property tax rate in Hastings, IA is 1.29%, higher than both the national median of 0.99% and the Iowa state median of 1.54%. With a median home value of $132,552 in Hastings, the typical annual property tax bill reaches $1,755, which is below the national median of $2,690. Property taxes in Hastings are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Hastings' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Hastings or another part of Mills County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hastings, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.29%
Estimate Property Tax Bill
$1,710
Ownwell’s Hastings Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hastings with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hastings 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 Hastings, Iowa
Property taxes in Hastings, Iowa, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Hastings is 1.29%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Hastings set these rates annually, and they can vary considerably across different neighborhoods. Each year, Hastings 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 Hastings' effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 51540 has the highest median property tax rate of 1.29%, while the same zip code has the lowest median tax rate of 1.29%. Understanding how these cities compare with Hastings provides valuable insights into the varying tax landscape across Mills County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hastings Tax Rate
1.29%
Average Mills County Tax Rate
1.36%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hastings, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51540 | 1.08% | 1.13% | 1.29% | 1.52% | 1.87% |
Source: Ownwell
Property Tax Assessment Values Across Hastings, Iowa
In Hastings, 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 Mills 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. 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 Hastings helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Hastings has a median home price of $132,552, with tax bills ranging from $692 at the 25th percentile to $3,817 at the 90th percentile. The highest and lowest median tax bills are both $1,755, found in zip code 51540.
Average Hastings Assessed Value
$132,552
Average Mills County Assessed Value
$206,856
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hastings, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51540 | $9,791 | $48,430 | $132,552 | $227,098 | $327,828 |
Source: Ownwell
Property Tax Bills Across Hastings, Iowa
In Hastings, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $132,552 in Mills County, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. Factors influencing the tax bill include the property's location within the county, any applicable exemptions, and local government budgets. The 25th percentile tax bill in Hastings is $692, while the 75th percentile tax bill goes up to $2,914, and the 90th percentile reaches $3,817. These variations highlight how different assessments and exemptions can significantly impact what homeowners owe. Compared to the national median property tax rate of 0.99%, Hastings' property tax rates can be seen as moderate, providing a balanced approach to funding local services while not overly burdening homeowners.
Average Hastings Tax Bill
$1,755
Average Mills County Tax Bill
$3,154
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Hastings, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51540 | $164 | $692 | $1,755 | $2,914 | $3,817 |
Source: Ownwell