Exira, Iowa Property Taxes
The median property tax rate in Exira, IA is 0.92%, which is lower than both the national median of 0.99% and Iowa's state median of 1.54%. With the median home value in Exira at $222,340, the typical annual property tax bill amounts to $2,041, falling below the national median of $2,690. Property taxes in Exira are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Exira'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 Exira or another part of Shelby County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Exira, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$2,046
Ownwell’s Exira Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Exira with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Exira 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 Exira, Iowa
Property taxes in Exira, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Exira is 1.20%, significantly higher than both the Iowa state median of 1.53% and the U.S. national median of 0.99%. Local government entities within Exira set these rates annually, and they can vary significantly across different neighborhoods. Each year, Exira 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 Exira's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50076 zip code in Shelby County has the highest median property tax rate of 1.20%, while the 50076 zip code also has the lowest median tax rate of 1.20%. Understanding how these cities compare with Exira 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 Exira Tax Rate
0.92%
Average Shelby County Tax Rate
1.30%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Exira, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50076 | 0.92% | 0.92% | 0.92% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Exira, Iowa
In Exira, 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 Exira, 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 Exira helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 50076 has the highest and lowest median tax bill at $2041.
Average Exira Assessed Value
$222,340
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 Exira, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50076 | $192,226 | $203,519 | $222,340 | $241,162 | $252,454 |
Source: Ownwell
Property Tax Bills Across Exira, Iowa
In Exira, located in Shelby County, IA, property tax bills are determined based on the assessed value of a home and the local tax rate. The median home price in this area is $222,340, and property tax rates are applied to this assessed value to calculate the annual tax bill. Several factors influence the final tax bill, including the home's location within the county, any applicable exemptions, and variations in local tax levies. Homeowners in Exira can expect their property tax bills to vary. For instance, the 25th percentile tax bill is $1,868, while the 75th percentile tax bill is $2,214. The 90th percentile tax bill can go up to $2,319. These figures indicate that while some homeowners may pay less, others could face higher property tax obligations, depending on their property's assessed value and specific circumstances. Compared to the national median property tax rate of 0.99%, Exira's property tax rate results in a range of tax bills that can significantly impact homeowners' annual expenses.
Average Exira Tax Bill
$2,041
Average Shelby County Tax Bill
$2,060
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Exira, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50076 | $1,763 | $1,868 | $2,041 | $2,214 | $2,319 |
Source: Ownwell