Wellman, Iowa Property Taxes
The median property tax rate in Wellman, IA is 1.51%, slightly lower than the Iowa state median of 1.54% but still higher than the national median of 0.99%. With a median home value of $171,200 in Wellman, the typical annual property tax bill amounts to $2,508, which is below the national median of $2,690. Property taxes in Wellman are calculated based on the tax assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Wellman'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 Wellman or another part of Washington County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wellman, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.51%
Estimate Property Tax Bill
$2,585
Ownwell’s Wellman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wellman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wellman 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 Wellman, Iowa
Property taxes in Wellman, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wellman is 1.51%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Wellman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wellman 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 Wellman's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 52356 has the highest median property tax rate of 1.51%, while the same zip code also has the lowest median tax rate of 1.51%. Understanding how these cities compare with Wellman 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 Wellman Tax Rate
1.51%
Average Washington County Tax Rate
1.51%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wellman, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52356 | 1.16% | 1.23% | 1.51% | 1.62% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Wellman, Iowa
In Wellman, 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 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 Wellman, 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. The median home price in Wellman is $171,200, with tax bills ranging from $1,566 at the 25th percentile to $5,044 at the 90th percentile. The highest and lowest median tax bills are both $2,508 in the 52356 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 in Wellman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wellman Assessed Value
$171,200
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 Wellman, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52356 | $51,520 | $105,700 | $171,200 | $254,500 | $372,300 |
Source: Ownwell
Property Tax Bills Across Wellman, Iowa
In Wellman, located in Washington County, IA, property tax bills are calculated based on the assessed value of a property. The county assessor determines this value, which is then multiplied by the local tax rate to derive the annual tax bill. For homeowners in Wellman, the median home price is approximately $171,200. Several factors influence the tax bill, including property size, location, and market conditions. Homeowners can expect tax bills to vary significantly. For instance, the 25th percentile tax bill stands at $1,566, while those in the 75th percentile face bills around $3,568. At the higher end, the 90th percentile tax bill reaches $5,044. These variations highlight how property value and local tax rates impact the financial responsibility of homeowners. Compared to the national median property tax rate of 0.99%, Wellman’s tax rates can represent a substantial financial obligation, emphasizing the importance of understanding local property tax dynamics.
Average Wellman Tax Bill
$2,508
Average Washington County Tax Bill
$2,626
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Wellman, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52356 | $782 | $1,566 | $2,508 | $3,568 | $5,044 |
Source: Ownwell