Inwood, Iowa Property Taxes
The median property tax rate in Inwood, IA is 0.88%, which is lower than both the national median of 0.99% and the Iowa state median of 1.54%. With a median home value of $296,740 in Inwood, the typical annual property tax bill is $2,360, falling below the national median of $2,690. Property taxes in Inwood are determined based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Inwood'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 Inwood or elsewhere in the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Inwood, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$2,611
Ownwell’s Inwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Inwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Inwood 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 Inwood, Iowa
Property taxes in Inwood, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Inwood is 0.88%, which is lower than the U.S. national median of 0.99%. Local government entities within Inwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Inwood 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 Inwood's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51240 zip code has the highest median property tax rate of 0.88%, while the same zip code also has the lowest median tax rate of 0.88%. Understanding how these cities compare with Inwood provides valuable insights into the varying tax landscape across Sioux County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Inwood Tax Rate
0.88%
Average Sioux County Tax Rate
1.40%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Inwood, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51240 | 0.77% | 0.81% | 0.88% | 0.93% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Inwood, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Inwood, 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 Sioux 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 Inwood, 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 Inwood is $296,740, and property tax bills can range significantly, with the 25th percentile at $1,753 and the 75th percentile at $3,552. The highest median tax bill is found in zip code 51240, at $2,360, which is also the lowest median tax bill in the same zip code. 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 Inwood Assessed Value
$296,740
Average Sioux County Assessed Value
$218,070
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Inwood, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51240 | $148,318 | $223,645 | $296,740 | $426,700 | $519,464 |
Source: Ownwell
Property Tax Bills Across Inwood, Iowa
In Inwood, located in Sioux County, IA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors and reflects the market value of the property. Homeowners in Inwood can expect property tax bills to vary significantly, influenced by the assessed value and the applicable tax rate. The median home price in Inwood is $296,740, which serves as a baseline for understanding tax obligations. The property tax rate in Sioux County is applied to the assessed value to determine the annual tax bill. For instance, the tax bill at the 25th percentile is $1,753, while at the 75th percentile, it's $3,552. At the higher end, the 90th percentile tax bill reaches $4,259. These figures illustrate how property taxes can impact homeowners differently based on the value of their homes. Compared to the national median property tax rate of 0.99%, Inwood's tax bills reflect the local economic conditions and funding requirements for public services. Homeowners should be aware of these factors as they can significantly influence their annual financial obligations.
Average Inwood Tax Bill
$2,360
Average Sioux County Tax Bill
$2,736
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Inwood, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51240 | $1,220 | $1,753 | $2,360 | $3,552 | $4,259 |
Source: Ownwell