Northwood, Iowa Property Taxes
The median property tax rate in Northwood, IA is 0.89%, which is notably lower than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Northwood, the typical annual property tax bill reaches $1,654, falling below the national median of $2,690. Property taxes in Northwood are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Northwood'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 Northwood 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
Northwood, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,714
Ownwell’s Northwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Northwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Northwood 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 Northwood, Iowa
Property taxes in Northwood, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Northwood is 0.89%, slightly lower than the U.S. national median of 0.99%. Local government entities within Northwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Northwood 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 Northwood's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50459 zip code has the highest median property tax rate of 0.89%, while the same zip code also has the lowest median tax rate of 0.89%. Understanding how these cities compare with Northwood 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 Northwood Tax Rate
0.89%
Average Winnebago County Tax Rate
1.42%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Northwood, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50459 | 0.86% | 0.87% | 0.89% | 0.93% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Northwood, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Northwood, 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 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 Northwood, 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 Northwood 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 50459, with a median tax bill of $1,654.
Average Northwood Assessed Value
$192,560
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 Northwood, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50459 | $112,862 | $149,920 | $192,560 | $199,440 | $208,184 |
Source: Ownwell
Property Tax Bills Across Northwood, Iowa
In Northwood, located in Winnebago County, IA, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by local assessors who evaluate the market value of the property. The property tax rate in Northwood is applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the size of the property, its location, the condition of the home, and recent sales of similar properties in the area. Homeowners in Northwood can expect their property tax bills to vary, with the 25th percentile at $1,526 and the 75th percentile at $1,823. The 90th percentile tax bill reaches up to $1,870. Compared to the national median property tax rate of 0.99%, Northwood's rates reflect local property values and the specific needs of the community. Understanding these assessments and tax rates is crucial for homeowners as it directly impacts their annual financial planning and overall property costs.
Average Northwood Tax Bill
$1,654
Average Winnebago County Tax Bill
$1,770
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Northwood, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50459 | $1,214 | $1,526 | $1,654 | $1,823 | $1,870 |
Source: Ownwell