Spillville, Iowa Property Taxes
The median property tax rate in Spillville, IA is 1.40%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $113,790 in Spillville, the typical annual property tax bill is $1,601, falling below the national median of $2,690. Property taxes in Spillville 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 Spillville'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 Spillville 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
Spillville, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$1,593
Ownwell’s Spillville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spillville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spillville 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 Spillville, Iowa
Property taxes in Spillville, Iowa, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Spillville is 1.40%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Spillville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spillville 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 Spillville's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52168 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 cities compare with Spillville provides valuable insights into the varying tax landscape across Winneshiek County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spillville Tax Rate
1.40%
Average Winneshiek County Tax Rate
1.33%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spillville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52168 | 1.28% | 1.35% | 1.40% | 1.48% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Spillville, Iowa
In Spillville, 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 Winneshiek 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 Spillville, 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. The median home price in Spillville is $113,790, with the 25th percentile tax bill at $1,160 and the 75th percentile tax bill at $2,290. The highest and lowest median tax bill is $1,601, found in the zip code 52168. Being aware of these valuation processes in Spillville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Spillville Assessed Value
$113,790
Average Winneshiek County Assessed Value
$200,930
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Spillville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52168 | $46,200 | $77,140 | $113,790 | $168,115 | $217,280 |
Source: Ownwell
Property Tax Bills Across Spillville, Iowa
In Spillville, located in Winneshiek County, IA, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the market value, reflecting the property's worth as determined by the county assessor. Several factors influence this assessed value, including the property's location, size, and condition. Homeowners in Spillville experience a range of property tax bills. For instance, the 25th percentile tax bill is approximately $1,160, while the 75th percentile tax bill reaches around $2,290. At the higher end, the 90th percentile tax bill can be as much as $3,059. Comparatively, the highest median tax bill in the area is $1,601, which is notably higher than the national median property tax rate of 0.99%. These tax bills significantly impact homeowners by influencing their overall housing costs. Understanding how these taxes are calculated can help homeowners better manage their finances and anticipate future expenses.
Average Spillville Tax Bill
$1,601
Average Winneshiek County Tax Bill
$2,768
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Spillville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52168 | $741 | $1,160 | $1,601 | $2,290 | $3,059 |
Source: Ownwell