Iowa City, Wisconsin Property Taxes
The median property tax rate in Iowa City, WI is 1.29%, which is considerably higher than the national median of 0.99% but lower than the Wisconsin state median of 1.58%. With a median home value of $338,600 in Iowa City, the typical annual property tax bill reaches $4,362, significantly exceeding the national median of $2,690. Property taxes in Iowa City are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Iowa 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 Iowa City or another part of Dane County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Iowa City, Wisconsin Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.58%
Estimate Property Tax Bill
$3,160
Ownwell’s Iowa City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Iowa City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Iowa 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 Iowa City, Wisconsin
Property taxes in Iowa City, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Iowa City is 1.29%, which is notably higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Iowa City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Iowa 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 Iowa City's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 52240 zip code has the highest median property tax rate of 1.29%, while the same 52240 zip code also has the lowest median tax rate of 1.29%. Understanding how these cities compare with Iowa City provides valuable insights into the varying tax landscape across Dane County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Iowa City Tax Rate
1.29%
Average Dane County Tax Rate
2.02%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Iowa City, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52240 | 1.29% | 1.29% | 1.29% | 1.29% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Iowa City, Wisconsin
In Iowa City, Wisconsin, 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 Dane 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. 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. For instance, the highest and lowest median tax bills in Iowa City are both $4,362, found in the 52240 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Iowa City Assessed Value
$338,600
Average Dane County Assessed Value
$304,700
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Iowa City, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52240 | $338,600 | $338,600 | $338,600 | $338,600 | $338,600 |
Source: Ownwell
Property Tax Bills Across Iowa City, Wisconsin
In Iowa City, located in Dane County, WI, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $338,600. Property taxes are influenced by various factors, including the assessed value of the property, local tax rates, and any applicable exemptions or deductions. The median property tax rate in this region is 1.29%, which is higher than the national median of 0.99%. For homeowners, this means that the property tax bill can have a significant impact on annual expenses. For example, at the 25th, 75th, and 90th percentiles, the tax bill is consistently $4,362. This uniformity suggests a stable tax environment but also indicates a higher-than-average financial obligation compared to other regions. Homeowners should be aware of these factors as they can affect both monthly mortgage payments and long-term investment returns on their property. Understanding how these elements interact can help homeowners better plan their finances and potentially seek out available exemptions to reduce their tax burden.
Average Iowa City Tax Bill
$4,362
Average Dane County Tax Bill
$7,324
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Iowa City, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52240 | $4,362 | $4,362 | $4,362 | $4,362 | $4,362 |
Source: Ownwell