Albert City, Iowa Property Taxes
The median property tax rate in Albert City, IA is 1.21%, which is higher than both the national median of 0.99% and the Iowa state median of 1.54%. With a median home value of $96,285, the typical annual property tax bill in Albert City amounts to $1,179, lower than the national median of $2,690. Property taxes in Albert City are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Albert City'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 Albert City or another part of Buena Vista County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Albert City, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$1,165
Ownwell’s Albert City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Albert City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Albert City 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 Albert City, Iowa
Property taxes in Albert City, Iowa, are instrumental in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Albert City is 1.21%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Albert City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Albert City 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 Albert City's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50510 zip code has the highest median property tax rate of 1.21%, while the same zip code also has the lowest median tax rate of 1.21%. Understanding how these cities compare with Albert City provides valuable insights into the varying tax landscape across Buena Vista County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albert City Tax Rate
1.21%
Average Buena Vista County Tax Rate
1.46%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albert City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50510 | 0.97% | 1.06% | 1.21% | 1.36% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Albert City, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Albert City, Iowa. 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 Buena Vista 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. Assessment notices in Albert City 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 Albert City is $96,285, with property tax bills ranging from $784 at the 25th percentile to $2,781 at the 90th percentile. The zip code 50510 has both the highest and lowest median tax bill, which is $1,179. 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 Albert City Assessed Value
$96,285
Average Buena Vista County Assessed Value
$152,730
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albert City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50510 | $39,880 | $63,365 | $96,285 | $159,902 | $256,725 |
Source: Ownwell
Property Tax Bills Across Albert City, Iowa
In Albert City, located in Buena Vista County, IA, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Once the assessed value is established, the tax rate, which is set by local taxing authorities, is applied to calculate the property tax bill. Homeowners in Albert City experience varying tax bills depending on the value of their homes. For instance, the 25th percentile tax bill is $784, while the 75th percentile tax bill is $1872. The highest median tax bill in the area is recorded at $1179. These tax bills can significantly impact homeowners, influencing their overall financial planning and housing affordability. With the national median property tax rate at 0.99%, understanding these local variations is crucial for homeowners to effectively manage their expenses and plan for future financial obligations.
Average Albert City Tax Bill
$1,179
Average Buena Vista County Tax Bill
$2,124
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Albert City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50510 | $372 | $784 | $1,179 | $1,872 | $2,781 |
Source: Ownwell