Bridgewater, Iowa Property Taxes
The median property tax rate in Bridgewater, IA, is 1.51%, which is notably higher than the national median of 0.99% but slightly below the Iowa state median of 1.54%. With a median home value of $58,565 in Bridgewater, the typical annual property tax bill amounts to $918, which is significantly lower than the national median of $2,690. Property taxes in Bridgewater are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Bridgewater's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Bridgewater or another part of Adair County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bridgewater, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.51%
Estimate Property Tax Bill
$884
Ownwell's Bridgewater Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Bridgewater with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bridgewater 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 Bridgewater, Iowa
Property taxes in Bridgewater, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bridgewater is 1.51%, significantly higher than the U.S. national median of 0.99%. Local government entities within Bridgewater set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bridgewater 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. Understanding how Bridgewater's effective property tax rate compares with other areas provides valuable insights into the varying tax landscape across Adair County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bridgewater Tax Rate
1.51%
Average Adair County Tax Rate
1.47%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bridgewater, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50837 | 1.08% | 1.27% | 1.51% | 1.83% | 1.97% |
Source: Ownwell
Property Tax Assessment Values Across Bridgewater, Iowa
In Bridgewater, 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 Adair 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. In Bridgewater, 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 Bridgewater helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $918.00 in the 50837 zip code, while the lowest median tax bill is also $918.00 in the same zip code, indicating a uniform tax burden across the region.
Average Bridgewater Assessed Value
$58,565
Average Adair County Assessed Value
$113,535
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bridgewater, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50837 | $11,312 | $27,178 | $58,565 | $106,932 | $168,868 |
Source: Ownwell
Property Tax Bills Across Bridgewater, Iowa
In Bridgewater, IA, property tax bills are determined based on the assessed value of a home, which is then multiplied by the local tax rate. The assessed value is a percentage of the market value of the property, determined by the county assessor. For homeowners, this means that higher property values result in higher tax bills. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions or deductions. For instance, the median home price in Bridgewater is $58,565, leading to a range of tax bills. At the 25th percentile, homeowners can expect to pay around $438 annually, while those at the 75th percentile might see bills as high as $1,608. The 90th percentile tax bill can reach up to $2,350. Comparatively, the national median property tax rate is 0.99%, making Bridgewater's tax bills relatively manageable for many homeowners. Understanding these factors can help homeowners budget more effectively and plan for their financial future.
Average Bridgewater Tax Bill
$918
Average Adair County Tax Bill
$1,656
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Bridgewater, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50837 | $193 | $438 | $918 | $1,608 | $2,350 |
Source: Ownwell