Bloomfield, Iowa Property Taxes
The median property tax rate in Bloomfield, IA is 1.12%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $161,190, the typical annual property tax bill in Bloomfield reaches $1,847, falling below the national median of $2,690. Property taxes in Bloomfield are calculated based on the assessed value, which typically falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Bloomfield'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 Bloomfield 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
Bloomfield, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$1,805
Ownwell’s Bloomfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bloomfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bloomfield 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 Bloomfield, Iowa
Property taxes in Bloomfield, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bloomfield is 1.12%, higher than both the Iowa state median of 1.53% and the U.S. national median of 0.99%. Local government entities within Bloomfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bloomfield 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 Bloomfield's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52537 zip code has the highest median property tax rate of 1.12%, while the 52537 zip code also has the lowest median tax rate of 1.12%. Understanding how these cities compare with Bloomfield provides valuable insights into the varying tax landscape across Wapello County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bloomfield Tax Rate
1.12%
Average Wapello County Tax Rate
1.66%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bloomfield, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52537 | 1.03% | 1.07% | 1.12% | 1.20% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Bloomfield, Iowa
In Bloomfield, 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 Wapello 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 Bloomfield, 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 Bloomfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 52537, with a tax bill of $1,847.
Average Bloomfield Assessed Value
$161,190
Average Wapello County Assessed Value
$83,735
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bloomfield, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52537 | $39,164 | $109,150 | $161,190 | $240,570 | $336,102 |
Source: Ownwell
Property Tax Bills Across Bloomfield, Iowa
In Bloomfield, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Bloomfield is $161,190, and the tax bills vary significantly depending on the value of the property and the specific tax rates applied. Homeowners in Bloomfield can expect to pay a tax bill that falls within a range, with the 25th percentile at $1,315 and the 75th percentile at $2,680. For those at the higher end, the 90th percentile tax bill reaches $3,734. The highest and lowest median tax bills in the area are both $1,847, indicating a relatively consistent taxation rate within this zip code. These property taxes fund essential community services such as schools, infrastructure, and emergency services. Understanding these factors helps homeowners in Bloomfield anticipate their annual financial obligations and plan accordingly.
Average Bloomfield Tax Bill
$1,847
Average Wapello County Tax Bill
$1,372
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Bloomfield, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52537 | $564 | $1,315 | $1,847 | $2,680 | $3,734 |
Source: Ownwell