Wayland, Iowa Property Taxes
The median property tax rate in Wayland, IA is 1.20%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Wayland at $217,600, the typical annual property tax bill amounts to $2,530, slightly below the national median of $2,690. Property taxes in Wayland are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Wayland's property tax system and exploring available exemptions can lead to significant annual savings. Whether you're in the heart of Wayland or another part of Washington County, becoming familiar with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wayland, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$2,611
Ownwell’s Wayland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wayland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wayland 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 Wayland, Iowa
Property taxes in Wayland, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wayland is 1.20%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Wayland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wayland 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 Wayland's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52654 zip code has the highest median property tax rate of 1.20%, while the same zip code also has the lowest median tax rate of 1.20%. Understanding how these areas compare with Wayland provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wayland Tax Rate
1.20%
Average Washington County Tax Rate
1.51%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wayland, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52654 | 1.05% | 1.15% | 1.20% | 1.28% | 1.41% |
Source: Ownwell
Property Tax Assessment Values Across Wayland, Iowa
In Wayland, 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 Washington 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 Wayland, 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 Wayland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 52654, with a median tax bill of $2,530.
Average Wayland Assessed Value
$217,600
Average Washington County Assessed Value
$175,000
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wayland, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52654 | $84,600 | $147,250 | $217,600 | $317,250 | $426,860 |
Source: Ownwell
Property Tax Bills Across Wayland, Iowa
In Wayland, Washington County, 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 arrive at the annual property tax bill. For instance, with a median home price of $217,600, homeowners in Wayland can expect their property taxes to vary significantly. The tax bill at the 25th percentile is $1,742, while at the 75th percentile, it rises to $3,758, and at the 90th percentile, it reaches $4,836. These variations are influenced by several factors, including property size, location, and any applicable exemptions. The median property tax rate in Wayland is higher than the national median of 0.99%, reflecting the local government's budget needs and public service funding. Homeowners in Wayland should be aware of these factors as they can significantly impact their annual expenses and overall financial planning.
Average Wayland Tax Bill
$2,530
Average Washington County Tax Bill
$2,626
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Wayland, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52654 | $868 | $1,742 | $2,530 | $3,758 | $4,836 |
Source: Ownwell