Randolph, Iowa Property Taxes
The median property tax rate in Randolph, IA is 1.11%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Randolph at $182,967, the typical annual property tax bill amounts to $2,040, which is below the national median of $2,690. Property taxes in Randolph are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Randolph'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 Randolph or another part of Mills County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Randolph, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,031
Ownwell’s Randolph Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Randolph with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Randolph to estimate your property tax bill. This intuitive tool helps you understand potential tax liabilities. For those interested in more localized insights, you can scroll down to access neighborhood-level trends. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Randolph, Iowa
Property taxes in Randolph, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Randolph is 1.11%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Randolph set these rates annually, and they can vary significantly across different neighborhoods. Each year, Randolph 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 Randolph's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51649 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 Randolph 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 Randolph Tax Rate
1.11%
Average Mills County Tax Rate
1.36%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Randolph, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51649 | 1.11% | 1.11% | 1.11% | 1.11% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Randolph, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Randolph, Iowa. 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 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. In Randolph, 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 Randolph helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills in Randolph is 51649, with a median tax bill of $2,040.
Average Randolph Assessed Value
$182,967
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 Randolph, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51649 | $182,967 | $182,967 | $182,967 | $182,967 | $182,967 |
Source: Ownwell
Property Tax Bills Across Randolph, Iowa
In Randolph, located in Mills County, IA, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The median home price in Randolph is $182,967. Property taxes are calculated by multiplying the assessed value of the property by the local tax rate. For instance, if the assessed value of a home is close to the median home price, homeowners can expect a tax bill around $2,040, which aligns with the 25th, 75th, and 90th percentiles in the area. Several factors influence the final tax bill, including the property's market value, any applicable exemptions, and the local tax rate set by Mills County. Compared to the national median property tax rate of 0.99%, Randolph's rate results in a relatively consistent tax bill for most homeowners. Understanding these factors can help homeowners budget effectively and anticipate their annual tax obligations, ensuring they are financially prepared for their property tax responsibilities.
Average Randolph Tax Bill
$2,040
Average Mills County Tax Bill
$3,154
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Randolph, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51649 | $2,040 | $2,040 | $2,040 | $2,040 | $2,040 |
Source: Ownwell