Winthrop, Iowa Property Taxes
The median property tax rate in Winthrop, IA is 1.28%, which is notably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $163,520 in Winthrop, the typical annual property tax bill amounts to $2,048, falling short of the national median of $2,690. Property taxes in Winthrop are based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Winthrop's property tax system, exploring available exemptions, and identifying reduction opportunities can result in significant annual savings. Whether you reside in the heart of Winthrop or another part of Buchanan County, familiarizing yourself with the local property tax system can be highly advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Winthrop, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.28%
Estimate Property Tax Bill
$2,093
Ownwell’s Winthrop Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Winthrop with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Winthrop 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 Winthrop, Iowa
Property taxes in Winthrop, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Winthrop is 1.28%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Winthrop set these rates annually, and they can vary significantly across different neighborhoods. Each year, Winthrop 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 Winthrop's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50682 zip code has the highest median property tax rate of 1.28%, while the same zip code also has the lowest median tax rate of 1.28%. Understanding how these cities compare with Winthrop provides valuable insights into the varying tax landscape across Buchanan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Winthrop Tax Rate
1.28%
Average Buchanan County Tax Rate
1.39%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Winthrop, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50682 | 1.08% | 1.16% | 1.28% | 1.37% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Winthrop, Iowa
In Winthrop, 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 Buchanan 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 Winthrop, 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. The median home price in Winthrop is $163,520, and tax bills can vary significantly. For instance, the 25th percentile tax bill is $1,301, while the 75th percentile tax bill is $3,102, and the 90th percentile tax bill reaches $3,953. The highest and lowest median tax bills are both $2,048 in the 50682 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Winthrop Assessed Value
$163,520
Average Buchanan County Assessed Value
$154,105
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Winthrop, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50682 | $65,834 | $105,440 | $163,520 | $238,790 | $324,706 |
Source: Ownwell
Property Tax Bills Across Winthrop, Iowa
In Winthrop, property tax bills are calculated based on the assessed value of the property, which is a percentage of its market value. Homeowners in Buchanan County see their tax bills influenced by various factors including the local tax rate, which is applied to the assessed value. For instance, the median home price in Winthrop is $163,520. The tax bill can range significantly, with the 25th percentile at $1,301 and the 75th percentile reaching $3,102. At the higher end, the 90th percentile tax bill is $3,953. These variations are due to differences in property values and local tax rates. The median property tax rate in Winthrop is comparable to the national median rate of 0.99%, but individual bills can vary based on specific property assessments. This directly impacts homeowners by determining their annual financial obligations. Understanding these factors can help homeowners anticipate their property tax responsibilities and plan their finances accordingly.
Average Winthrop Tax Bill
$2,048
Average Buchanan County Tax Bill
$2,162
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Winthrop, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50682 | $843 | $1,301 | $2,048 | $3,102 | $3,953 |
Source: Ownwell