Whittemore, Iowa Property Taxes
The median property tax rate in Whittemore, IA is 0.86%, which is notably lower than both the national median of 0.99% and the Iowa state median of 1.54%. With a median home value of $170,495 in Whittemore, the typical annual property tax bill amounts to $1,501, significantly below the national median of $2,690. Property taxes in Whittemore 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 Whittemore'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 Whittemore 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
Whittemore, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,466
Ownwell’s Whittemore Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers a quick way to estimate their annual property taxes in Whittemore. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Whittemore to provide an accurate estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities, making it easier to plan your finances. For those interested in more detailed insights, including neighborhood-specific trends, additional localized information is available below. Your property’s assessed value is determined by the county and includes any applicable exemptions, ensuring a precise calculation for your tax obligations.
Property Tax Rates Across Whittemore, Iowa
Property taxes in Whittemore, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Whittemore is 1.26%, significantly higher than both the Iowa state median of 1.53% and the U.S. national median of 0.99%. Local government entities within Whittemore set these rates annually, and they can vary significantly across different neighborhoods. Each year, Whittemore 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 Whittemore's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50598 zip code has the highest median property tax rate of 1.26%, while the same zip code also has the lowest median tax rate of 1.26%. Understanding how these cities compare with Whittemore 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 Whittemore Tax Rate
0.86%
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 Whittemore, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50598 | 0.66% | 0.80% | 0.86% | 0.99% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Whittemore, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Whittemore, IA. 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 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 Whittemore, 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 Whittemore helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Whittemore is $170,495, with the highest and lowest median tax bills both being $1,501 in the 50598 zip code.
Average Whittemore Assessed Value
$170,495
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 Whittemore, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50598 | $94,573 | $109,015 | $170,495 | $283,705 | $365,427 |
Source: Ownwell
Property Tax Bills Across Whittemore, Iowa
In Whittemore, IA, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property’s market value. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. In Whittemore, the median home price is $170,495, and tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $1,013, while at the 75th percentile, it is $2,542. Homeowners at the 90th percentile can expect to pay around $3,241 annually. These tax bills are influenced by various factors, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Whittemore's rates reflect the local economic conditions and public service funding needs. High property taxes can impact homeowners by increasing their annual expenses, potentially affecting their overall financial planning and property affordability.
Average Whittemore Tax Bill
$1,501
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 Whittemore, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50598 | $690 | $1,013 | $1,501 | $2,542 | $3,241 |
Source: Ownwell