Deep River, Iowa Property Taxes
The median property tax rate in DEEP RIVER, IA is 1.09%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in DEEP RIVER at $109,575, the typical annual property tax bill amounts to $1,247, which is below the national median of $2,690. Property taxes in DEEP RIVER are calculated based on the assessed value, often reduced by exemptions such as those for primary residences and agricultural properties. Understanding DEEP RIVER'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 DEEP RIVER or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Deep River, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$1,194
Ownwell’s DEEP RIVER Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in DEEP RIVER with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in DEEP RIVER 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 Deep River, Iowa
Property taxes in Deep River, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Deep River is 1.09%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Deep River set these rates annually, and they can vary significantly across different neighborhoods. Each year, Deep River 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 Deep River's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52222 zip code has the highest median property tax rate of 1.09%, while the same zip code also has the lowest median tax rate of 1.09%. Understanding how these cities compare with Deep River 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 Deep River Tax Rate
1.09%
Average Poweshiek County Tax Rate
1.29%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Deep River, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52222 | 0.89% | 0.97% | 1.09% | 1.26% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Deep River, Iowa
In Deep River, 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 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 Deep River, 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 Deep River 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 $1,247, found in the 52222 zip code.
Average Deep River Assessed Value
$109,575
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 Deep River, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52222 | $30,093 | $64,390 | $109,575 | $199,088 | $293,312 |
Source: Ownwell
Property Tax Bills Across Deep River, Iowa
In Deep River, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the market value of the property. Homeowners in Deep River can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $708 and the 75th percentile reaching $2,062. At the 90th percentile, tax bills can be as high as $3,117. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. The median home price in Deep River is $109,575, which provides a baseline for understanding these variations. Compared to the national median property tax rate of 0.99%, the property tax rates in Deep River can result in a wide range of tax liabilities for homeowners. These taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life.
Average Deep River Tax Bill
$1,247
Average Poweshiek County Tax Bill
$2,264
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Deep River, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52222 | $253 | $708 | $1,247 | $2,062 | $3,117 |
Source: Ownwell