Afton, Iowa Property Taxes
The median property tax rate in Afton, Iowa is 1.66%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Afton at $102,615, the typical annual property tax bill reaches $1,688, which is below the national median of $2,690. Property taxes in Afton are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Afton'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 Afton or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Afton, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.66%
Estimate Property Tax Bill
$1,703
Ownwell’s Afton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Afton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Afton 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 Afton, Iowa
Property taxes in Afton, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Afton is 1.66%, significantly higher than the U.S. national median of 0.99%. Local government entities within Afton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Afton 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 Afton's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50830 has the highest median property tax rate of 1.66%, while the same zip code also has the lowest median tax rate of 1.66%. Understanding how these cities compare with Afton provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Afton Tax Rate
1.66%
Average Union County Tax Rate
1.84%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Afton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50830 | 1.36% | 1.52% | 1.66% | 1.95% | 2.13% |
Source: Ownwell
Property Tax Assessment Values Across Afton, Iowa
In Afton, 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 Union County Appraisal District 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 Afton, 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 Afton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Afton, both at $1,688, are found in zip code 50830.
Average Afton Assessed Value
$102,615
Average Union County Assessed Value
$97,050
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Afton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50830 | $33,698 | $59,565 | $102,615 | $156,708 | $250,462 |
Source: Ownwell
Property Tax Bills Across Afton, Iowa
In Afton, Union 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 represents the market value of the property. Homeowners in Afton experience a range of property tax bills, with the 25th percentile paying around $1,002 and the 75th percentile seeing bills as high as $2,702. The 90th percentile of homeowners face even higher bills, reaching up to $3,822 annually. These tax bills are influenced by various factors, including the home's location, size, and condition, as well as local government budgets and school district funding needs. With the national median property tax rate at 0.99%, homeowners in Afton may find their property tax rates to be relatively reasonable in comparison. However, the financial impact can still be significant, affecting monthly mortgage payments and overall housing affordability. Understanding these factors can help homeowners better anticipate and manage their property tax obligations.
Average Afton Tax Bill
$1,688
Average Union County Tax Bill
$1,746
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Afton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50830 | $600 | $1,002 | $1,688 | $2,702 | $3,822 |
Source: Ownwell