Atlantic, Iowa Property Taxes
The median property tax rate in Atlantic, Iowa is 1.58%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Atlantic, the typical annual property tax bill reaches $1,889, which is below the national median of $2,690. Property taxes in Atlantic 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 Atlantic'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 Atlantic 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
Atlantic, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.58%
Estimate Property Tax Bill
$1,944
Ownwell’s ATLANTIC Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ATLANTIC with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ATLANTIC 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 Atlantic, Iowa
Property taxes in Atlantic, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Atlantic is 1.58%, significantly higher than the U.S. national median of 0.99%. Local government entities within Atlantic set these rates annually, and they can vary significantly across different neighborhoods. Each year, Atlantic 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 Atlantic's effective property tax rate to other regions and the national median. For comparison, the 50022 zip code has both the highest and lowest median property tax rate of 1.58%. Understanding how these cities compare with Atlantic provides valuable insights into the varying tax landscape across Cass County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Atlantic Tax Rate
1.58%
Average Cass County Tax Rate
1.47%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Atlantic, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50022 | 1.14% | 1.41% | 1.58% | 1.73% | 1.91% |
Source: Ownwell
Property Tax Assessment Values Across Atlantic, Iowa
In Atlantic, 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 Cass 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 Atlantic, 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. The median home price in Atlantic is $123,060, and the tax bill varies significantly, with the 25th percentile at $1,196 and the 75th percentile at $2,932. The zip code with the highest and lowest median tax bill is 50022, both at $1,889. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Atlantic Assessed Value
$123,060
Average Cass County Assessed Value
$121,160
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Atlantic, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50022 | $42,720 | $73,865 | $123,060 | $201,510 | $315,004 |
Source: Ownwell
Property Tax Bills Across Atlantic, Iowa
In Atlantic, Cass County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $123,060, homeowners can expect a range of tax bills. The 25th percentile tax bill is $1,196, while the 75th percentile tax bill reaches $2,932, and the 90th percentile tax bill can be as high as $4,405. Factors that influence the assessed value include the property's location, size, and condition. This means that homes in better condition or more desirable locations may have higher assessed values, leading to higher tax bills. The impact on homeowners can be significant, as higher property taxes can affect affordability and the overall cost of homeownership. Compared to the national median property tax rate of 0.99%, homeowners in Atlantic need to carefully consider these factors when budgeting for their annual expenses.
Average Atlantic Tax Bill
$1,889
Average Cass County Tax Bill
$1,732
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Atlantic, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50022 | $712 | $1,196 | $1,889 | $2,932 | $4,405 |
Source: Ownwell