Maxwell, Iowa Property Taxes
The median property tax rate in Maxwell, IA is 1.44%, which is higher than both the national median of 0.99% and the Iowa state median of 1.54%. With a median home value of $249,565 in Maxwell, the typical annual property tax bill reaches $3,622, significantly exceeding the national median of $2,690. Property taxes in Maxwell are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Maxwell'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 Maxwell 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
Maxwell, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.44%
Estimate Property Tax Bill
$3,594
Ownwell’s Maxwell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Maxwell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Maxwell 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 Maxwell, Iowa
Property taxes in Maxwell, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Maxwell is 1.44%, significantly higher than the U.S. national median of 0.99%. Local government entities within Maxwell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Maxwell 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 Maxwell's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50161 zip code has the highest median property tax rate of 1.44%, while the 50161 zip code also has the lowest median tax rate of 1.44%. Understanding how these cities compare with Maxwell provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Maxwell Tax Rate
1.44%
Average Polk County Tax Rate
1.69%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Maxwell, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50161 | 1.36% | 1.40% | 1.44% | 1.54% | 1.72% |
Source: Ownwell
Property Tax Assessment Values Across Maxwell, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Maxwell, 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 Polk 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 Maxwell, 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 Maxwell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 50161 has the highest and lowest median tax bill, both at $3,622, highlighting the variance in property tax burdens across different areas.
Average Maxwell Assessed Value
$249,565
Average Polk County Assessed Value
$231,500
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Maxwell, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50161 | $98,170 | $173,775 | $249,565 | $347,340 | $495,930 |
Source: Ownwell
Property Tax Bills Across Maxwell, Iowa
In Maxwell, located in Polk County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $249,565, homeowners can expect a tax bill that varies significantly across different percentiles. At the 25th percentile, the tax bill is approximately $2,458, while at the 75th percentile, it rises to around $5,372. For those at the 90th percentile, the tax bill can reach up to $7,132. These tax bills are influenced by several factors, including the market value of the property, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Maxwell's rates can result in higher tax bills, impacting homeowners by increasing their annual housing costs. This variability in tax bills highlights the importance of understanding local property tax assessments and their implications on overall homeownership expenses.
Average Maxwell Tax Bill
$3,622
Average Polk County Tax Bill
$3,904
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Maxwell, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50161 | $1,549 | $2,458 | $3,622 | $5,372 | $7,132 |
Source: Ownwell