Tennant, Iowa Property Taxes
The median property tax rate in Tennant, IA is 1.06%, which is 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 Tennant, the typical annual property tax bill amounts to $1,141, falling below the national median of $2,690. Property taxes in Tennant are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Tennant'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 Tennant 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
Tennant, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$1,123
Ownwell’s Tennant Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tennant with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tennant 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 Tennant, Iowa
Property taxes in Tennant, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tennant is 1.06%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Tennant set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tennant 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 Tennant's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51537 zip code has the highest median property tax rate of 1.06%, while the same zip code also has the lowest median tax rate of 1.06%. Understanding how these cities compare with Tennant 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 Tennant Tax Rate
1.06%
Average Shelby County Tax Rate
1.30%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tennant, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51537 | 0.88% | 0.99% | 1.06% | 1.17% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Tennant, Iowa
In Tennant, 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 Tennant, 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 Tennant helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 51537 has both the highest and lowest median tax bill at $1,141.
Average Tennant Assessed Value
$105,932
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 Tennant, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51537 | $39,033 | $77,337 | $105,932 | $148,755 | $192,278 |
Source: Ownwell
Property Tax Bills Across Tennant, Iowa
In Tennant, Shelby County, IA, property tax bills are calculated using the assessed value of the property, which is determined by the county assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, the median home price in Tennant is $105,932, and the tax bills range significantly based on property values and applicable exemptions. Homeowners in the 25th percentile pay around $743 annually, while those in the 75th percentile see bills closer to $1,571. The highest tax bills, in the 90th percentile, reach up to $2,180. Factors such as the property's market value, any applicable exemptions, and the specific tax rate for the area all play crucial roles in determining the final tax bill. Compared to the national median property tax rate of 0.99%, Tennant's rates can vary, impacting homeowners differently based on their property's assessed value. This variability underscores the importance of understanding local tax assessments and potential savings through appeals or exemptions.
Average Tennant Tax Bill
$1,141
Average Shelby County Tax Bill
$2,060
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Tennant, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51537 | $312 | $743 | $1,141 | $1,571 | $2,180 |
Source: Ownwell