New Hartford, Iowa Property Taxes
The median property tax rate in New Hartford, IA is 1.32%, 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 $134,770 in New Hartford, the typical annual property tax bill reaches $1,984, exceeding the national median of $2,690. Property taxes in New Hartford 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 New Hartford'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 New Hartford or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New Hartford, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.32%
Estimate Property Tax Bill
$1,779
Ownwell’s New Hartford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Hartford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Hartford 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 New Hartford, Iowa
Property taxes in New Hartford, IA, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Hartford is 1.32%, significantly higher than the U.S. national median of 0.99%. Local government entities within New Hartford set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Hartford 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 New Hartford's effective property tax rate to other areas in Butler County and the national median. For comparison, the zip code 50660 has the highest median property tax rate of 1.32%, while the same zip code also has the lowest median tax rate of 1.32%. Understanding how these figures compare with New Hartford provides valuable insights into the varying tax landscape across Butler County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Hartford Tax Rate
1.32%
Average Butler County Tax Rate
1.42%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Hartford, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50660 | 1.09% | 1.13% | 1.32% | 1.66% | 1.80% |
Source: Ownwell
Property Tax Assessment Values Across New Hartford, Iowa
In New Hartford, 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 Butler 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 New Hartford, 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 New Hartford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in New Hartford are both $1984, found in the 50660 zip code.
Average New Hartford Assessed Value
$134,770
Average Butler County Assessed Value
$143,820
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Hartford, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50660 | $31,920 | $76,565 | $134,770 | $301,590 | $454,040 |
Source: Ownwell
Property Tax Bills Across New Hartford, Iowa
In New Hartford, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor in Butler County. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in New Hartford, the median home price is $134,770. Property tax bills can vary significantly, with the 25th percentile tax bill at $1,284, the 75th percentile at $3,624, and the 90th percentile reaching up to $5,345. Several factors influence the tax bill, including property size, location, and any applicable exemptions. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners to understand how local rates impact their finances. Higher property tax bills can affect monthly mortgage payments and overall affordability. For example, in the zip code 50660, the median tax bill is $1,984, highlighting the importance of being aware of regional tax variations. Understanding these factors helps homeowners budget effectively and plan for annual expenses.
Average New Hartford Tax Bill
$1,984
Average Butler County Tax Bill
$1,964
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across New Hartford, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50660 | $754 | $1,284 | $1,984 | $3,624 | $5,345 |
Source: Ownwell