Tama, Iowa Property Taxes
The median property tax rate in Tama, IA is 1.03%, 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 Tama at $129,655, the typical annual property tax bill amounts to $1,466, which is significantly below the national median of $2,690. Property taxes in Tama are calculated based on the tax assessed value, which is often less than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Tama's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Tama or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tama, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$1,335
Ownwell’s Tama Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tama with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tama 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 Tama, Iowa
Property taxes in Tama, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tama is 1.03%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Tama set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tama 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 Tama's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52339 zip code has the highest median property tax rate of 1.03%, while the 52339 zip code also has the lowest median tax rate of 1.03%. Understanding how these cities compare with Tama 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 Tama Tax Rate
1.03%
Average Poweshiek County Tax Rate
1.29%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tama, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52339 | 0.93% | 0.99% | 1.03% | 1.11% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Tama, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Tama, 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 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 Tama, 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. For instance, the median home price in Tama is $129,655, with tax bills ranging from $1,264 at the 25th percentile to $1,716 at the 75th percentile, and up to $1,851 at the 90th percentile. Notably, the zip code with both the highest and lowest median tax bill is 52339, with a median tax bill of $1,466. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tama Assessed Value
$129,655
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 Tama, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52339 | $121,971 | $124,252 | $129,655 | $147,580 | $172,402 |
Source: Ownwell
Property Tax Bills Across Tama, Iowa
Property tax bills in Tama, located in Poweshiek County, IA, are calculated based on the assessed value of a property, which is determined by the county assessor. This value is then multiplied by the local property tax rate to determine the annual tax bill. In Tama, the median home price is $129,655, and property tax bills can vary significantly across different percentiles. For instance, homeowners at the 25th percentile pay around $1,264, while those at the 75th percentile pay approximately $1,716. At the 90th percentile, the tax bill can reach up to $1,851. These property taxes are essential for funding local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Tama's tax bills reflect the local economic conditions and funding needs. Homeowners in Tama need to consider these taxes as a significant part of their annual homeownership costs, impacting their overall financial planning and property affordability.
Average Tama Tax Bill
$1,466
Average Poweshiek County Tax Bill
$2,264
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Tama, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52339 | $1,219 | $1,264 | $1,466 | $1,716 | $1,851 |
Source: Ownwell