Elk Run Heights, Iowa Property Taxes
The median property tax rate in Elk Run Heights, IA is 1.29%, 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 $163,860, the typical annual property tax bill in Elk Run Heights is $2,110, which is below the national median of $2,690. Property taxes in Elk Run Heights are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Elk Run Heights' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Elk Run Heights or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elk Run Heights, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.29%
Estimate Property Tax Bill
$2,114
Ownwell’s Elk Run Heights Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elk Run Heights with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elk Run Heights 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 Elk Run Heights, Iowa
Property taxes in Elk Run Heights, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elk Run Heights is 1.29%, higher than the U.S. national median of 0.99%. Local government entities within Elk Run Heights set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elk Run Heights 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 Elk Run Heights' effective property tax rate to other areas in Iowa and the national median. For comparison, the zip code 50707 has the highest median property tax rate of 1.29%, while the same zip code also has the lowest median tax rate of 1.29%. Understanding how these areas compare with Elk Run Heights provides valuable insights into the varying tax landscape across Black Hawk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elk Run Heights Tax Rate
1.29%
Average Black Hawk County Tax Rate
1.57%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elk Run Heights, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50707 | 1.24% | 1.27% | 1.29% | 1.32% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Elk Run Heights, Iowa
In Elk Run Heights, 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 Black Hawk County Assessor 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 Elk Run Heights, 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 Elk Run Heights helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 50707 has the same highest and lowest median tax bill at $2,110.
Average Elk Run Heights Assessed Value
$163,860
Average Black Hawk County Assessed Value
$149,990
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elk Run Heights, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50707 | $108,922 | $128,590 | $163,860 | $213,680 | $296,374 |
Source: Ownwell
Property Tax Bills Across Elk Run Heights, Iowa
In Elk Run Heights, Black Hawk County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the property tax rate set by local taxing authorities. For homeowners in this area, the median home price is $163,860. The property tax rate in Elk Run Heights is higher than the national median property tax rate of 0.99%, leading to significant tax bills for homeowners. Factors such as property improvements, neighborhood developments, and market conditions can influence the assessed value. For instance, the 25th percentile of tax bills in Elk Run Heights is $1,653, while the 75th percentile reaches $2,753, and the 90th percentile can go up to $3,792. These figures highlight the variability in tax bills based on property value assessments and the impact of local tax rates. Homeowners need to be aware of these factors as they directly affect their annual financial obligations.
Average Elk Run Heights Tax Bill
$2,110
Average Black Hawk County Tax Bill
$2,318
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Elk Run Heights, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50707 | $1,428 | $1,653 | $2,110 | $2,753 | $3,792 |
Source: Ownwell