Templeton, Iowa Property Taxes
The median property tax rate in Templeton, Iowa is 1.25%, which is notably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Templeton at $266,055, the typical annual property tax bill reaches $3,376, surpassing the national median of $2,690. Property taxes in Templeton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Templeton'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 Templeton 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
Templeton, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.25%
Estimate Property Tax Bill
$3,326
Ownwell’s Templeton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Templeton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Templeton 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 Templeton, Iowa
Property taxes in Templeton, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Templeton is 1.25%, significantly higher than the U.S. national median of 0.99%. Local government entities within Templeton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Templeton 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 Templeton's effective property tax rate to other areas in Iowa and the national median. For comparison, the 51463 zip code has both the highest and lowest median property tax rate of 1.25%. Understanding how these areas compare with Templeton provides valuable insights into the varying tax landscape across Audubon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Templeton Tax Rate
1.25%
Average Audubon County Tax Rate
1.32%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Templeton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51463 | 1.16% | 1.19% | 1.25% | 1.30% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Templeton, Iowa
In Templeton, 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 Audubon 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 Templeton, 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 Templeton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $3,376, found in zip code 51463.
Average Templeton Assessed Value
$266,055
Average Audubon County Assessed Value
$103,200
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Templeton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51463 | $227,451 | $241,928 | $266,055 | $290,182 | $304,659 |
Source: Ownwell
Property Tax Bills Across Templeton, Iowa
In Templeton, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local county assessors. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Templeton, the median home price is $266,055, and the property tax rate in Audubon County is relatively reflective of the national landscape. Factors influencing the tax bill include the home's market value, any applicable exemptions, and the specific tax rate set by local authorities. For instance, at the 25th percentile, homeowners might expect a tax bill around $2,925, while those at the 75th percentile could see bills up to $3,827. At the 90th percentile, tax bills can reach approximately $4,098. These property taxes fund essential community services such as schools, public safety, and infrastructure, directly affecting the quality of life for residents. Understanding these factors can help homeowners anticipate their tax liabilities and plan their finances accordingly.
Average Templeton Tax Bill
$3,376
Average Audubon County Tax Bill
$1,352
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Templeton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51463 | $2,654 | $2,925 | $3,376 | $3,827 | $4,098 |
Source: Ownwell