Boxholm, Iowa Property Taxes
The median property tax rate in Boxholm, IA is 0.89%, which is lower than both the national median of 0.99% and the Iowa state median of 1.54%. With a median home value of $75,699 in Boxholm, the typical annual property tax bill amounts to $616, significantly below the national median of $2,690. Property taxes in Boxholm are calculated based on the assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Boxholm'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 Boxholm or elsewhere in Boone County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Boxholm, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$674
Ownwell’s Boxholm Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Boxholm with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Boxholm 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 Boxholm, Iowa
Property taxes in Boxholm, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Boxholm is 0.89%, which is lower than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Boxholm set these rates annually, and they can vary significantly across different neighborhoods. Each year, Boxholm 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 Boxholm's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50040 zip code has the highest median property tax rate of 0.89%, while the same zip code also has the lowest median tax rate of 0.89%. Understanding how these cities compare with Boxholm provides valuable insights into the varying tax landscape across Boone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Boxholm Tax Rate
0.89%
Average Boone County Tax Rate
1.33%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Boxholm, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50040 | 0.74% | 0.79% | 0.89% | 0.97% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Boxholm, Iowa
In Boxholm, 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 Boone 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 Boxholm, 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 Boxholm helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Boxholm is $75,699, with median tax bills ranging from $419 at the 25th percentile to $1,047 at the 90th percentile. The highest and lowest median tax bills are both $616 in the 50040 zip code.
Average Boxholm Assessed Value
$75,699
Average Boone County Assessed Value
$185,354
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Boxholm, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50040 | $15,160 | $45,328 | $75,699 | $97,411 | $128,232 |
Source: Ownwell
Property Tax Bills Across Boxholm, Iowa
In Boxholm, located in Boone County, IA, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $75,699, homeowners can expect tax bills that vary significantly. The 25th percentile tax bill is around $419, while the 75th percentile reaches $814, and the 90th percentile can go up to $1,047. These variations are influenced by factors such as property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Boxholm's tax bills reflect a range that can either be more manageable or more burdensome depending on individual circumstances. Homeowners in Boxholm should be aware of how these factors influence their tax obligations and consider appealing their assessed values if they believe they are overestimated. This understanding can help manage annual expenses and potentially reduce the overall tax burden.
Average Boxholm Tax Bill
$616
Average Boone County Tax Bill
$2,464
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Boxholm, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50040 | $124 | $419 | $616 | $814 | $1,047 |
Source: Ownwell