Smithland, Iowa Property Taxes
The median property tax rate in Smithland, IA is 1.14%, slightly higher than the national median of 0.99% but lower than Iowa's state median of 1.54%. With a median home value in Smithland of $79,920, the typical annual property tax bill reaches $1,051, which is below the national median of $2,690. Property taxes in Smithland are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Smithland'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 Smithland or another part of Woodbury County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Smithland, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$911
Ownwell’s Smithland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smithland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smithland 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 Smithland, Iowa
Property taxes in Smithland, Iowa, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Smithland is 1.14%, which is significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Smithland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smithland 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 Smithland's effective property tax rate to other areas in Iowa and the national median. For comparison, the 51056 zip code has the highest median property tax rate of 1.14%, while it also represents the lowest median tax rate of 1.14%. Understanding how these areas compare with Smithland provides valuable insights into the varying tax landscape across Woodbury County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Smithland Tax Rate
1.14%
Average Woodbury County Tax Rate
1.52%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smithland, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51056 | 0.86% | 0.95% | 1.14% | 1.52% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Smithland, Iowa
In Smithland, 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 Woodbury 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 Smithland, 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 Smithland is $79,920, with annual tax bills ranging from $544 at the 25th percentile to $2,904 at the 90th percentile. Being aware of these valuation processes in Smithland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Smithland Assessed Value
$79,920
Average Woodbury County Assessed Value
$157,600
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Smithland, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51056 | $17,875 | $42,098 | $79,920 | $159,488 | $290,759 |
Source: Ownwell
Property Tax Bills Across Smithland, Iowa
In Smithland, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. In Woodbury County, the median home price is $79,920. Property tax rates are applied to this assessed value to determine the annual tax bill. The national median property tax rate is 0.99%, but local rates can vary. For example, homeowners in Smithland can expect a tax bill ranging from $544 at the 25th percentile to $1,704 at the 75th percentile, with the highest bills reaching up to $2,904 at the 90th percentile. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Homeowners must consider these tax bills when budgeting for homeownership, as they represent a significant and recurring cost.
Average Smithland Tax Bill
$1,051
Average Woodbury County Tax Bill
$2,352
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Smithland, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51056 | $234 | $544 | $1,051 | $1,704 | $2,904 |
Source: Ownwell