Garrison, Iowa Property Taxes
The median property tax rate in Garrison, IA is 1.48%, which is higher than the national median of 0.99% but slightly lower than the Iowa state median of 1.54%. With the median home value in Garrison at $87,000, the typical annual property tax bill amounts to $1,346, which is below the national median of $2,690. Property taxes in Garrison 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 Garrison'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 Garrison 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
Garrison, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.48%
Estimate Property Tax Bill
$1,288
Ownwell’s Garrison Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Garrison with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Garrison 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 Benton County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Garrison, Iowa
Property taxes in Garrison, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Garrison is 1.48%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Garrison set these rates annually, and they can vary significantly across different neighborhoods. Each year, Garrison 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 Garrison's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 52229 has the highest median property tax rate of 1.48%, while the same zip code also has the lowest median tax rate of 1.48%. Understanding how these cities compare with Garrison provides valuable insights into the varying tax landscape across Benton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Garrison Tax Rate
1.48%
Average Benton County Tax Rate
1.37%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Garrison, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52229 | 1.06% | 1.17% | 1.48% | 1.76% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across Garrison, Iowa
In Garrison, 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 Benton 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 Garrison, 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. For example, the median home price in Garrison is $87,000, with tax bills ranging from $756 at the 25th percentile to $5,480 at the 90th percentile. 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 Garrison helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Garrison Assessed Value
$87,000
Average Benton County Assessed Value
$183,200
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Garrison, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52229 | $25,620 | $44,700 | $87,000 | $250,800 | $409,060 |
Source: Ownwell
Property Tax Bills Across Garrison, Iowa
In Garrison, Benton County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by county assessors. The assessed value takes into account factors such as the property's market value, location, and improvements. Homeowners in Garrison typically see a range of tax bills, with the 25th percentile at $756 and the 75th percentile at $2,866. For those in the 90th percentile, tax bills can reach up to $5,480. These tax bills are influenced by the local tax rate and the assessed value of the property. The median home price in Garrison is $87,000, which helps to contextualize these figures. Compared to the national median property tax rate of 0.99%, Garrison's property taxes can be seen as relatively moderate, though they can vary significantly within the city. This variation affects homeowners differently, with higher-valued homes incurring higher tax bills, impacting overall affordability and financial planning.
Average Garrison Tax Bill
$1,346
Average Benton County Tax Bill
$2,460
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Garrison, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52229 | $330 | $756 | $1,346 | $2,866 | $5,480 |
Source: Ownwell