Terril, Iowa Property Taxes
The median property tax rate in Terril, IA is 0.99%, aligning with the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Terril at $173,770, the typical annual property tax bill comes to $1,588, which is below the national median of $2,690. Property taxes in Terril are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Terril'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 Terril 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
Terril, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,720
Ownwell’s Terril Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Terril with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Terril 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 Terril, Iowa
Property taxes in Terril, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Terril stands at 0.99%, which aligns with the U.S. national median of 0.99%. Local government entities within Terril set these rates annually, and they can vary significantly across different neighborhoods. Each year, Terril 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 Terril's effective property tax rate to other areas in Palo Alto County and the national median. For comparison, the zip code 51364 has both the highest and lowest median property tax rate of 0.99%, reflecting the uniformity in tax rates across the region. Understanding how these areas compare with Terril provides valuable insights into the varying tax landscape across Palo Alto County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Terril Tax Rate
0.99%
Average Palo Alto County Tax Rate
1.26%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Terril, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51364 | 0.68% | 0.88% | 0.99% | 1.09% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Terril, Iowa
In Terril, 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 Palo Alto County Assessor's Office 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 Terril, 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 Terril helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,588, found in the 51364 zip code.
Average Terril Assessed Value
$173,770
Average Palo Alto County Assessed Value
$111,265
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Terril, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51364 | $116,492 | $147,448 | $173,770 | $263,335 | $288,778 |
Source: Ownwell
Property Tax Bills Across Terril, Iowa
In Terril, located in Palo Alto County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The tax rate is then applied to this assessed value to calculate the annual tax bill. For homeowners in Terril, the median home price stands at $173,770, and the property tax rate is influenced by various factors such as local government budgets, school district funding, and public services. The tax bills in Terril vary significantly, with the 25th percentile at $1,288, the 75th percentile at $1,998, and the 90th percentile reaching $2,435. This range indicates how different property values and specific circumstances can affect the tax amount. Compared to the national median property tax rate of 0.99%, homeowners in Terril may find their tax bills relatively moderate. Understanding these factors can help homeowners anticipate their annual expenses and plan their finances accordingly.
Average Terril Tax Bill
$1,588
Average Palo Alto County Tax Bill
$1,364
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Terril, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51364 | $1,077 | $1,288 | $1,588 | $1,998 | $2,435 |
Source: Ownwell