Brooklyn, Iowa Property Taxes
The median property tax rate in Brooklyn, IA is 1.13%, which is considerably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Brooklyn at $143,295, the typical annual property tax bill reaches $1,908, which is below the national median of $2,690. Property taxes in Brooklyn are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Brooklyn'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 Brooklyn 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
Brooklyn, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$1,619
Ownwell’s Brooklyn Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Brooklyn with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Brooklyn to provide an estimate of your property tax bill. This valuable tool offers insights into your potential tax liabilities, helping you plan better. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Brooklyn, Iowa
Property taxes in Brooklyn, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brooklyn is 1.13%, higher than the U.S. national median of 0.99%. Local government entities within Brooklyn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brooklyn 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 Brooklyn's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52211 zip code has both the highest and lowest median property tax rate of 1.13%. Understanding how these areas compare with Brooklyn provides valuable insights into the varying tax landscape across Poweshiek County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brooklyn Tax Rate
1.13%
Average Poweshiek County Tax Rate
1.29%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brooklyn, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52211 | 0.95% | 1.04% | 1.13% | 1.40% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across Brooklyn, Iowa
In Brooklyn, 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 Poweshiek 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 Brooklyn, 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. In Brooklyn, the median home price is $143,295, with tax bills ranging from $1,092 at the 25th percentile to $4,502 at the 90th percentile. The zip code with the highest and lowest median tax bill is 52211, at $1,908. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Brooklyn Assessed Value
$143,295
Average Poweshiek County Assessed Value
$172,525
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brooklyn, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52211 | $28,158 | $81,208 | $143,295 | $247,725 | $378,852 |
Source: Ownwell
Property Tax Bills Across Brooklyn, Iowa
In Brooklyn, IA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Several factors influence the assessed value, including the property's size, age, location, and condition. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Homeowners in Brooklyn can expect varying tax bills depending on their property's value. For example, the median home price in Brooklyn is $143,295. Homeowners in the 25th percentile typically see tax bills around $1,092, while those in the 75th percentile face bills closer to $2,978. The highest tax bills, seen in the 90th percentile, can reach up to $4,502. These figures highlight the significant impact property taxes can have on homeowners' finances, making it crucial to understand how these taxes are calculated and what factors are considered in the assessment process.
Average Brooklyn Tax Bill
$1,908
Average Poweshiek County Tax Bill
$2,264
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Brooklyn, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52211 | $494 | $1,092 | $1,908 | $2,978 | $4,502 |
Source: Ownwell