Shannon City, Iowa Property Taxes
The median property tax rate in Shannon City, IA is 1.34%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Shannon City, the typical annual property tax bill reaches $1,692, falling below the national median of $2,690. Property taxes in Shannon City are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Shannon City'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 Shannon City 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
Shannon City, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.34%
Estimate Property Tax Bill
$1,913
Ownwell’s Shannon City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shannon City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shannon City 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 Shannon City, Iowa
Property taxes in Shannon City, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shannon City is 1.34%, significantly higher than the U.S. national median of 0.99%. Local government entities within Shannon City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shannon City 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 Shannon City's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50861 has the highest median property tax rate of 1.34%, while the same zip code also has the lowest median tax rate of 1.34%. Understanding how these cities compare with Shannon City provides valuable insights into the varying tax landscape across Ringgold County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Shannon City Tax Rate
1.34%
Average Ringgold County Tax Rate
1.44%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shannon City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50861 | 1.04% | 1.17% | 1.34% | 1.49% | 1.81% |
Source: Ownwell
Property Tax Assessment Values Across Shannon City, Iowa
In Shannon City, 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 Ringgold 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 Shannon City, 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 Shannon City is $142,756, with tax bills ranging from $1,466 at the 25th percentile to $3,678 at the 90th percentile. 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 Shannon City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Shannon City Assessed Value
$142,756
Average Ringgold County Assessed Value
$101,674
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Shannon City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50861 | $70,781 | $110,574 | $142,756 | $190,254 | $297,763 |
Source: Ownwell
Property Tax Bills Across Shannon City, Iowa
In Shannon City, Ringgold County, IA, property tax bills are determined by assessing the market value of a home and applying the local property tax rate to this assessed value. The median home price in Shannon City is $142,756, and the property tax rate is calculated based on this value. Homeowners can expect their tax bills to vary significantly, with the 25th percentile tax bill at $1,466 and the 75th percentile reaching $2,624. For those in the 90th percentile, the tax bill can be as high as $3,678. Several factors influence the final tax bill, including the assessed market value of the property, any applicable exemptions, and the specific tax rate set by local authorities. The impact on homeowners can be substantial, as higher property values or fewer exemptions can lead to higher tax bills. By understanding these factors, homeowners can better anticipate their financial obligations and plan accordingly. Notably, the highest and lowest median tax bills in Shannon City are both $1,692, indicating a relatively consistent tax environment within the area.
Average Shannon City Tax Bill
$1,692
Average Ringgold County Tax Bill
$1,488
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Shannon City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50861 | $1,026 | $1,466 | $1,692 | $2,624 | $3,678 |
Source: Ownwell