Russell, Iowa Property Taxes
The median property tax rate in Russell, IA is 1.40%, which is higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Russell, the typical annual property tax bill reaches $1,694, which is below the national median of $2,690. Property taxes in Russell are calculated based on the tax assessed value, typically lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Russell'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 Russell 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
Russell, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$1,670
Ownwell’s Russell Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Russell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Russell to provide an estimate of your property tax bill. This valuable tool offers insights into potential tax liabilities, helping you make informed decisions. For those interested in more detailed trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for tax purposes and takes into account any applicable exemptions.
Property Tax Rates Across Russell, Iowa
Property taxes in Russell, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Russell is 1.40%, significantly higher than both the Iowa state median of 1.30% and the U.S. national median of 0.99%. Local government entities within Russell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Russell 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 Russell's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50238 zip code has the highest median property tax rate of 1.40%, while the same zip code also has the lowest median tax rate of 1.40%. Understanding how these areas compare with Russell provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Russell Tax Rate
1.40%
Average Wayne County Tax Rate
1.58%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Russell, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50238 | 1.25% | 1.31% | 1.40% | 1.46% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Russell, Iowa
In Russell, 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 Wayne 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 Russell, 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 Russell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,694 in the 50238 zip code, while the lowest is also $1,694 in the same zip code.
Average Russell Assessed Value
$119,300
Average Wayne County Assessed Value
$80,110
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Russell, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50238 | $34,534 | $79,505 | $119,300 | $159,235 | $192,820 |
Source: Ownwell
Property Tax Bills Across Russell, Iowa
In Russell, property tax bills are calculated based on the assessed value of a home, which is determined by the local county assessor. The assessed value is a percentage of the market value, and this figure is then multiplied by the local property tax rate to determine the annual tax bill. Several factors influence the assessed value, including the home's size, location, and condition, as well as comparable property values in the area. For homeowners in Russell, the median home price is $119,300. With a property tax rate of 0.99%, this translates to a typical annual tax bill. However, actual tax bills can vary significantly. The 25th percentile tax bill is $1,107, while the 75th percentile reaches $2,212, and the 90th percentile can be as high as $2,739. These variations reflect differences in home values and specific property characteristics. Understanding these factors helps homeowners anticipate their property tax bills and plan their finances accordingly, ensuring they are prepared for the annual tax obligations.
Average Russell Tax Bill
$1,694
Average Wayne County Tax Bill
$1,272
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Russell, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50238 | $512 | $1,107 | $1,694 | $2,212 | $2,739 |
Source: Ownwell