Grinnell, Iowa Property Taxes
The median property tax rate in Grinnell, IA is 1.54%, matching the Iowa state median but significantly higher than the national median of 0.99%. With a median home value of $177,560 in Grinnell, the typical annual property tax bill amounts to $2,608, which is just below the national median of $2,690. Property taxes in Grinnell are determined based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Navigating Grinnell's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in significant annual savings. Whether you're in the heart of Grinnell or another part of Poweshiek County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Grinnell, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.54%
Estimate Property Tax Bill
$2,734
Ownwell’s Grinnell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grinnell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grinnell 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 Grinnell, Iowa
Property taxes in Grinnell, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grinnell is 1.54%, significantly higher than the U.S. national median of 0.99%. Local government entities within Grinnell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grinnell 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 Grinnell's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50112 zip code has the highest median property tax rate of 1.54%, while the 50112 zip code also has the lowest median tax rate of 1.54%. Understanding how these cities compare with Grinnell 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 Grinnell Tax Rate
1.54%
Average Poweshiek County Tax Rate
1.29%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grinnell, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50112 | 1.07% | 1.38% | 1.54% | 1.62% | 1.71% |
Source: Ownwell
Property Tax Assessment Values Across Grinnell, Iowa
In Grinnell, 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 Grinnell, 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. The median home price in Grinnell is $177,560, with tax bills ranging from $1,798 at the 25th percentile to $5,057 at the 90th percentile. Notably, the highest and lowest median tax bills are both $2,608 in the 50112 zip code. 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 Grinnell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Grinnell Assessed Value
$177,560
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 Grinnell, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50112 | $82,642 | $119,730 | $177,560 | $246,380 | $346,802 |
Source: Ownwell
Property Tax Bills Across Grinnell, Iowa
In Grinnell, located in Poweshiek County, IA, property tax bills are calculated based on the assessed value of a home. The median home price in Grinnell is $177,560, and the property tax rate is applied to this assessed value to determine the tax bill. Factors such as property location, size, and improvements can influence the assessed value, which in turn affects the tax bill. For instance, homeowners in Grinnell can expect a tax bill ranging from the 25th percentile at $1,798 to the 75th percentile at $3,598, with the 90th percentile reaching as high as $5,057. The highest median tax bill in the area is $2,608, which is significantly higher than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for Grinnell residents. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Grinnell Tax Bill
$2,608
Average Poweshiek County Tax Bill
$2,264
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Grinnell, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50112 | $1,202 | $1,798 | $2,608 | $3,598 | $5,057 |
Source: Ownwell