Elk Horn, Iowa Property Taxes
The median property tax rate in Elk Horn, IA is 1.51%, which is notably higher than the national median of 0.99% but slightly below the Iowa state median of 1.54%. With a median home value of $138,539, the typical annual property tax bill in Elk Horn reaches $2,082, still lower than the national median of $2,690. Property taxes here are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Gaining a thorough understanding of Elk Horn's property tax system, exploring available exemptions, and finding opportunities for reductions can result in substantial annual savings. Whether you're located in the heart of Elk Horn or its surrounding areas, comprehending the local property tax system is crucial for both homeowners and real estate investors.
Last Updated June 14, 2024
Elk Horn, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.51%
Estimate Property Tax Bill
$2,092
Ownwell’s Elk Horn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elk Horn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elk Horn 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 Shelby County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Elk Horn, Iowa
Property taxes in Elk Horn, Iowa, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Elk Horn is 1.51%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Elk Horn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elk Horn 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 Elk Horn's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51531 zip code has the highest median property tax rate of 1.51%, while the same zip code also has the lowest median tax rate of 1.51%. Understanding how these areas compare with Elk Horn provides valuable insights into the varying tax landscape across Shelby County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elk Horn Tax Rate
1.51%
Average Shelby County Tax Rate
1.30%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elk Horn, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51531 | 0.96% | 1.17% | 1.51% | 1.62% | 1.68% |
Source: Ownwell
Property Tax Assessment Values Across Elk Horn, Iowa
In Elk Horn, 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 Shelby 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 Elk Horn, 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. With a median home price of $138,539, understanding these valuation concepts can help property owners better navigate their tax responsibilities. For instance, the median tax bill is $2,082 in the zip code 51531, which is both the highest and lowest median tax bill reported. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elk Horn Assessed Value
$138,539
Average Shelby County Assessed Value
$144,278
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elk Horn, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51531 | $26,606 | $83,988 | $138,539 | $203,385 | $281,101 |
Source: Ownwell
Property Tax Bills Across Elk Horn, Iowa
Property tax bills in Elk Horn, located in Shelby County, IA, are calculated based on the assessed value of a property and the local tax rate. The median home price in Elk Horn is $138,539, which serves as a basis for determining the assessed value. The tax rate in this region affects how much homeowners will pay in property taxes annually. For instance, at the 25th percentile, homeowners can expect to pay around $1,450, while those at the 75th percentile may face a bill of approximately $2,904. Several factors influence these tax bills, including the property's market value, any applicable exemptions, and the specific tax rate set by local authorities. The highest median tax bill in the area is $2,082, which is significantly higher than the national median property tax rate of 0.99%. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Homeowners should be aware of these factors to better manage their financial planning and understand their contributions to local services.
Average Elk Horn Tax Bill
$2,082
Average Shelby County Tax Bill
$2,060
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Elk Horn, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51531 | $914 | $1,450 | $2,082 | $2,904 | $3,674 |
Source: Ownwell