Eddyville, Iowa Property Taxes
The median property tax rate in Eddyville, IA is 1.22%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $113,245 in Eddyville, the typical annual property tax bill amounts to $1,452, which is below the national median of $2,690. Property taxes in Eddyville are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Eddyville'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 Eddyville or another part of Monroe County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Eddyville, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.22%
Estimate Property Tax Bill
$1,382
Ownwell’s Eddyville Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Eddyville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Eddyville to provide an accurate estimate of your property tax bill. This powerful tool offers valuable insights into your potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by the county for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Eddyville, Iowa
Property taxes in Eddyville, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Eddyville is 1.22%, notably higher than the U.S. national median of 0.99%. Local government entities within Eddyville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Eddyville 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 Eddyville's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 52553 has the same median property tax rate of 1.22%. Understanding how these cities compare with Eddyville provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Eddyville Tax Rate
1.22%
Average Monroe County Tax Rate
1.39%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Eddyville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52553 | 1.01% | 1.14% | 1.22% | 1.32% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Eddyville, Iowa
In Eddyville, 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 Monroe 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 Eddyville, 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 Eddyville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $1,452, found in zip code 52553.
Average Eddyville Assessed Value
$113,245
Average Monroe County Assessed Value
$86,560
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Eddyville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52553 | $44,439 | $62,838 | $113,245 | $179,360 | $257,408 |
Source: Ownwell
Property Tax Bills Across Eddyville, Iowa
In Eddyville, property tax bills are calculated based on the assessed value of a home, which is determined by the Monroe County Assessor's office. The assessed value is a percentage of the market value, reflecting the property's worth in the current real estate market. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the property's size, age, location, and any improvements or renovations. For homeowners in Eddyville, the median home price stands at $113,245. Tax bills in the area range significantly, with the 25th percentile at $944 and the 75th percentile reaching $2,306. The 90th percentile tax bill can go up to $2,985. Compared to the national median property tax rate of 0.99%, Eddyville's tax rates and bills can vary widely, affecting homeowners differently based on their property's assessed value. This variation underscores the importance of understanding local tax assessments and potential exemptions available to reduce the tax burden.
Average Eddyville Tax Bill
$1,452
Average Monroe County Tax Bill
$1,330
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Eddyville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52553 | $452 | $944 | $1,452 | $2,306 | $2,985 |
Source: Ownwell