Prescott, Iowa Property Taxes
The median property tax rate in Prescott, IA is 1.34%, 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 $153,370 in Prescott, the typical annual property tax bill amounts to $2,050, slightly below the national median of $2,690. Property taxes in Prescott are calculated based on the tax assessed value, which is often less than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Prescott'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 Prescott 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
Prescott, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.34%
Estimate Property Tax Bill
$2,055
Ownwell’s Prescott Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prescott with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prescott 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 Prescott, Iowa
Property taxes in Prescott, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prescott is 1.34%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Prescott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prescott 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 Prescott's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50859 zip code has the highest median property tax rate of 1.34%, while the 50859 zip code also has the lowest median tax rate of 1.34%. Understanding how these cities compare with Prescott 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 Prescott Tax Rate
1.34%
Average Adair County Tax Rate
1.47%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prescott, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50859 | 1.34% | 1.34% | 1.34% | 1.34% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Prescott, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Prescott, 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 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 Prescott, 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 Prescott helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Prescott stands at $153,370, with the highest and lowest median tax bills both recorded at $2,050 in the 50859 zip code. This consistency in tax bills underscores the importance of understanding and managing your property tax assessments effectively.
Average Prescott Assessed Value
$153,370
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 Prescott, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50859 | $153,370 | $153,370 | $153,370 | $153,370 | $153,370 |
Source: Ownwell
Property Tax Bills Across Prescott, Iowa
In Prescott, Adair County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Prescott is $153,370. Property tax rates are applied to the assessed value to determine the final tax bill. For Prescott, the tax bill remains consistent across different percentiles, with the 25th, 75th, and 90th percentiles all at $2,050. This uniformity suggests a stable tax rate in the area. Several factors influence the assessed value, including the property's location, size, and condition. Homeowners in Prescott can expect their tax bills to reflect these variables, impacting their annual financial planning. Compared to the national median property tax rate of 0.99%, Prescott's tax rate is relatively straightforward, providing predictability for homeowners. This consistency helps residents anticipate their yearly expenses, making it easier to manage their budgets and financial expectations.
Average Prescott Tax Bill
$2,050
Average Adair County Tax Bill
$1,656
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Prescott, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50859 | $2,050 | $2,050 | $2,050 | $2,050 | $2,050 |
Source: Ownwell