Dana, Iowa Property Taxes
The median property tax rate in Dana, IA is 1.26%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Dana at $198,299, the typical annual property tax bill reaches $2,370, which is below the national median of $2,690. Property taxes in Dana are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Dana'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 Dana or another part of Boone County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Dana, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.26%
Estimate Property Tax Bill
$2,499
Ownwell’s DANA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in DANA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in DANA 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 Dana, Iowa
Property taxes in Dana, Iowa, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Dana is 1.26%, higher than the U.S. national median of 0.99%. Local government entities within Dana set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dana 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 Dana's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50064 has both the highest and lowest median property tax rate of 1.26%. Understanding how these cities compare with Dana 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 Dana Tax Rate
1.26%
Average Boone County Tax Rate
1.33%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dana, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50064 | 1.16% | 1.20% | 1.26% | 1.39% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Dana, Iowa
In Dana, 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 Dana, 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 Dana helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 50064 has the highest median tax bill of $2,370, which is also the lowest, highlighting the uniformity in tax bills within the area.
Average Dana Assessed Value
$198,299
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 Dana, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50064 | $104,790 | $124,174 | $198,299 | $272,515 | $292,062 |
Source: Ownwell
Property Tax Bills Across Dana, Iowa
In Dana, IA, property tax bills are calculated based on the assessed value of the home, which is determined by the local assessor. This assessed value is a percentage of the home's market value and is used to establish the tax base. Various factors, such as the property's location, size, and condition, are considered in the assessment process. The tax rate applied to this assessed value is determined by local taxing authorities and is influenced by budgetary needs for public services like schools, infrastructure, and emergency services. For instance, in Boone County, the median home price is $198,299, and property tax bills can range significantly. Homeowners in the 25th percentile pay around $1,538, while those in the 75th percentile face bills of approximately $3,386. Even higher, the 90th percentile sees tax bills reaching up to $3,724. These property taxes directly impact homeowners by influencing their annual housing costs. With the national median property tax rate at 0.99%, Dana's rates can be compared to understand the local tax burden better.
Average Dana Tax Bill
$2,370
Average Boone County Tax Bill
$2,464
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Dana, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50064 | $1,532 | $1,538 | $2,370 | $3,386 | $3,724 |
Source: Ownwell