Scranton, Iowa Property Taxes
The median property tax rate in Scranton, IA is 0.96%, slightly below the national median of 0.99% and significantly lower than the Iowa state median of 1.54%. With a median home value of $215,870, the typical annual property tax bill in Scranton reaches $2,123, which is below the national median of $2,690. Property taxes in Scranton are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Scranton'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 Scranton or another part of Carroll County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Scranton, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$2,072
Ownwell’s Scranton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Scranton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Scranton 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 Scranton, Iowa
Property taxes in Scranton, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Scranton is 1.23%, higher than both the Iowa state median of 1.53% and the U.S. national median of 0.99%. Local government entities within Scranton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Scranton 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 Scranton's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51462 zip code has the highest median property tax rate of 1.53%, while the 51462 zip code has the lowest median tax rate of 1.53%. Understanding how these cities compare with Scranton provides valuable insights into the varying tax landscape across Greene County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Scranton Tax Rate
0.96%
Average Carroll County Tax Rate
1.15%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Scranton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51462 | 0.92% | 0.93% | 0.96% | 1.01% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Scranton, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Scranton, 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 Carroll 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 Scranton, 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 Scranton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Scranton is $2,123 in zip code 51462, while the lowest median tax bill is also $2,123 in the same zip code.
Average Scranton Assessed Value
$215,870
Average Carroll County Assessed Value
$153,990
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Scranton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51462 | $129,900 | $177,855 | $215,870 | $305,028 | $415,580 |
Source: Ownwell
Property Tax Bills Across Scranton, Iowa
Property tax bills in Scranton, located in Carroll County, IA, are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For instance, with a median home price of $215,870, homeowners can expect to pay a tax bill that varies significantly depending on their property's assessed value and specific location within the county. Factors influencing the tax bill include the property's size, location, and any improvements made. The tax bill can range widely, with the 25th percentile at $1,662 and the 75th percentile at $3,017. At the upper end, the 90th percentile tax bill reaches $5,042. These property taxes fund essential community services such as public schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners. Comparing this to the national median property tax rate of 0.99%, Scranton's property taxes reflect the local economic conditions and public service needs.
Average Scranton Tax Bill
$2,123
Average Carroll County Tax Bill
$1,746
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Scranton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51462 | $1,195 | $1,662 | $2,123 | $3,017 | $5,042 |
Source: Ownwell