Gravity, Iowa Property Taxes
The median property tax rate in Gravity, IA is 1.12%, slightly higher than the national median of 0.99% but lower than Iowa's state median of 1.54%. With the median home value in Gravity at $32,935, the typical annual property tax bill amounts to $324, which is significantly below the national median of $2,690. Property taxes in Gravity are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Gravity'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 Gravity or another part of Taylor County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gravity, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$369
Ownwell’s GRAVITY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in GRAVITY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in GRAVITY 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 Gravity, Iowa
Property taxes in Gravity, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gravity is 1.12%, which is higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Gravity set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gravity 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 Gravity's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50848 zip code has the highest median property tax rate of 1.12%, while the 50848 zip code also has the lowest median tax rate of 1.12%. Understanding how these cities compare with Gravity provides valuable insights into the varying tax landscape across Taylor County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gravity Tax Rate
1.12%
Average Taylor County Tax Rate
1.27%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gravity, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50848 | 0.70% | 0.96% | 1.12% | 1.43% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across Gravity, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Gravity, 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 Taylor 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. 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. For instance, the highest median tax bill in Gravity is $324.00 in the 50848 zip code, while the lowest median tax bill is also $324.00 in the same zip code. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gravity Assessed Value
$32,935
Average Taylor County Assessed Value
$80,810
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gravity, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50848 | $1,626 | $7,688 | $32,935 | $97,122 | $197,311 |
Source: Ownwell
Property Tax Bills Across Gravity, Iowa
In Gravity, located in Taylor County, IA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Gravity can expect their property tax bill to vary significantly, often influenced by factors such as property size, location, and improvements. For instance, the median home price in Gravity is $32,935, which serves as a baseline for tax calculations. Property tax bills in the area range widely, with the 25th percentile at $78 and the 75th percentile at $1,138. At the higher end, the 90th percentile sees tax bills around $2,135. These figures illustrate the diversity in tax burdens among homeowners, often reflecting differences in property valuations and individual circumstances. Compared to the national median property tax rate of 0.99%, Gravity's tax rates can vary, impacting homeowners differently. Understanding these factors helps residents anticipate their financial obligations and plan accordingly.
Average Gravity Tax Bill
$324
Average Taylor County Tax Bill
$1,036
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Gravity, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50848 | $14 | $78 | $324 | $1,138 | $2,135 |
Source: Ownwell