Forest City, Iowa Property Taxes
The median property tax rate in Forest City, IA is 1.62%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Forest City, the typical annual property tax bill reaches $2,124, which is below the national median of $2,690. Property taxes in Forest City are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Forest City'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 Forest City 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
Forest City, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.62%
Estimate Property Tax Bill
$2,255
Ownwell’s Forest City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Forest City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Forest City 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 Forest City, Iowa
Property taxes in Forest City, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Forest City is 1.62%, significantly higher than the U.S. national median of 0.99%. Local government entities within Forest City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Forest City 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 Forest City's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50436 has the highest median property tax rate of 1.62%, while the same zip code also has the lowest median tax rate of 1.62%. Understanding how these cities compare with Forest City provides valuable insights into the varying tax landscape across Winnebago County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Forest City Tax Rate
1.62%
Average Winnebago County Tax Rate
1.42%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Forest City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50436 | 0.99% | 1.35% | 1.62% | 1.74% | 1.83% |
Source: Ownwell
Property Tax Assessment Values Across Forest City, Iowa
In Forest City, 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 Winnebago 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 Forest City, 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 Forest City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in the area is $2,124, both found in the 50436 zip code.
Average Forest City Assessed Value
$139,180
Average Winnebago County Assessed Value
$124,390
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Forest City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50436 | $66,594 | $98,950 | $139,180 | $201,230 | $277,574 |
Source: Ownwell
Property Tax Bills Across Forest City, Iowa
In Forest City, located in Winnebago County, IA, property tax bills are calculated based on the assessed value of a home rather than its market value. This assessed value is determined by the local tax assessor and is influenced by various factors, including the property's size, location, and condition. The tax rate is then applied to this assessed value to calculate the annual tax bill. For homeowners in Forest City, the median home price stands at $139,180. The property tax bills can vary significantly, with the 25th percentile tax bill at $1,520 and the 75th percentile tax bill reaching $3,028. At the 90th percentile, the tax bill can be as high as $3,944. The highest median tax bill recorded in the area is $2,124 in the 50436 zip code, which is notably higher than the national median property tax rate of 0.99%. These tax bills directly impact homeowners by influencing their annual financial planning and the overall affordability of homeownership in the region.
Average Forest City Tax Bill
$2,124
Average Winnebago County Tax Bill
$1,770
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Forest City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50436 | $1,017 | $1,520 | $2,124 | $3,028 | $3,944 |
Source: Ownwell