Eldon, Iowa Property Taxes
The median property tax rate in Eldon, IA is 1.55%, slightly above both the national median of 0.99% and the Iowa state median of 1.54%. With a median home value of $58,030 in Eldon, the typical annual property tax bill amounts to $894, which is below the national median of $2,690. Property taxes in Eldon are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Eldon'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 Eldon or another part of Wapello County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Eldon, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.55%
Estimate Property Tax Bill
$899
Ownwell’s Eldon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Eldon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Eldon 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 Eldon, Iowa
Property taxes in Eldon, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Eldon is 1.55%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Eldon set these rates annually, and they can vary across different neighborhoods. Each year, Eldon 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 Eldon's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52554 zip code has the highest median property tax rate of 1.55%, while the same zip code also has the lowest median tax rate of 1.55%. Understanding how these cities compare with Eldon 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 Eldon Tax Rate
1.55%
Average Wapello County Tax Rate
1.66%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Eldon, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52554 | 1.06% | 1.19% | 1.55% | 1.85% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Eldon, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Eldon, 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 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 Eldon, 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 Eldon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $894.00, found in the zip code 52554.
Average Eldon Assessed Value
$58,030
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 Eldon, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52554 | $7,900 | $24,690 | $58,030 | $113,970 | $209,250 |
Source: Ownwell
Property Tax Bills Across Eldon, Iowa
In Eldon, property tax bills are calculated based on the assessed value of your home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to arrive at your annual property tax bill. Several factors influence the assessed value, including the market value of your property, recent sales of comparable homes, and any improvements or renovations made to the property. Homeowners in Eldon, located in Wapello County, can expect varying property tax bills. The median home price in Eldon is $58,030, and the typical tax bill can range significantly. For example, the tax bill at the 25th percentile is $370, while at the 75th percentile, it rises to $1,657. For those at the 90th percentile, the tax bill can reach up to $2,838. This variance affects homeowners differently depending on their property's assessed value and the applied tax rate. Comparatively, the national median property tax rate is 0.99%, making Eldon's property tax landscape unique in its own right.
Average Eldon Tax Bill
$894
Average Wapello County Tax Bill
$1,372
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Eldon, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52554 | $134 | $370 | $894 | $1,657 | $2,838 |
Source: Ownwell