Bridgewater, Iowa Property Taxes
The median property tax rate in Bridgewater, IA is 1.25%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $137,030 in Bridgewater, the typical annual property tax bill amounts to $1,684, which is below the national median of $2,690. Property taxes in Bridgewater are calculated based on the assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Bridgewater's property tax system, exploring the available exemptions, and identifying opportunities for reductions can result in significant annual savings. Whether you're in the heart of Bridgewater or another part of the city, a thorough understanding of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bridgewater, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.25%
Estimate Property Tax Bill
$1,713
Ownwell’s Bridgewater Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Bridgewater with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bridgewater to project your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in more detailed trends on a neighborhood level, additional localized information is available below. 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 Bridgewater, Iowa
Property taxes in Bridgewater, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bridgewater is 1.25%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Bridgewater set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bridgewater 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 Bridgewater's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50837 has the highest median property tax rate of 1.25%, while the same zip code also has the lowest median tax rate of 1.25%. Understanding how these cities compare with Bridgewater 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 Bridgewater Tax Rate
1.25%
Average Cass County Tax Rate
1.47%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bridgewater, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50837 | 1.15% | 1.22% | 1.25% | 1.35% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Bridgewater, Iowa
In Bridgewater, 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 Bridgewater, 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 Bridgewater is $137,030, with tax bills ranging from $1,446 at the 25th percentile to $4,408 at the 90th percentile. The zip code 50837 has both the highest and lowest median tax bill at $1,684. 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 Bridgewater helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bridgewater Assessed Value
$137,030
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 Bridgewater, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50837 | $72,142 | $107,900 | $137,030 | $259,720 | $379,570 |
Source: Ownwell
Property Tax Bills Across Bridgewater, Iowa
In Bridgewater, 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 instance, with a median home price of $137,030, homeowners can expect varying tax bills depending on their property's assessed value and specific local rates. Factors that influence the tax bill include the home's location within Cass County, property type, and any applicable exemptions. Homeowners in the 25th percentile see tax bills around $1,446, while those in the 75th percentile face bills closer to $3,188. At the 90th percentile, tax bills can reach up to $4,408. These variations significantly impact homeowners' financial planning, as property taxes are a substantial annual expense. Comparing these figures to the national median property tax rate of 0.99%, Bridgewater's tax bills reflect the local economic conditions and municipal funding needs.
Average Bridgewater Tax Bill
$1,684
Average Cass County Tax Bill
$1,732
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Bridgewater, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50837 | $1,078 | $1,446 | $1,684 | $3,188 | $4,408 |
Source: Ownwell