Walnut, Iowa Property Taxes
The median property tax rate in Walnut, IA is 1.27%, which is considerably higher than the national median of 0.99% but lower than Iowa's state median of 1.54%. With the median home value in Walnut at $165,080, the typical annual property tax bill reaches $1,996, falling below the national median of $2,690. Property taxes in Walnut 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 Walnut'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 Walnut 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
Walnut, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.27%
Estimate Property Tax Bill
$2,097
Ownwell’s Walnut Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Walnut with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walnut 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 Walnut, Iowa
Property taxes in Walnut, Iowa, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Walnut stands at 1.29%, which is significantly higher than both the Iowa state median of 1.43% and the U.S. national median of 0.99%. Local government entities within Walnut set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walnut 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 Walnut's effective property tax rate to other counties in Iowa and the national median. For comparison, Walnut has the highest median property tax rate of 1.29%, while it also has the lowest median tax rate of 1.29%. Understanding how these cities compare with Walnut provides valuable insights into the varying tax landscape across Pottawattamie, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Walnut Tax Rate
1.27%
Average Cass County Tax Rate
1.47%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walnut, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51577 | 1.22% | 1.24% | 1.27% | 1.49% | 1.62% |
Source: Ownwell
Property Tax Assessment Values Across Walnut, Iowa
In Walnut, 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 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 Walnut, 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 Walnut helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Walnut is $165,080, with tax bills ranging from $1,535 at the 25th percentile to $2,844 at the 90th percentile. The zip code 51577 has both the highest and lowest median tax bill of $1,996.
Average Walnut Assessed Value
$165,080
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 Walnut, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51577 | $83,312 | $113,975 | $165,080 | $203,090 | $225,896 |
Source: Ownwell
Property Tax Bills Across Walnut, Iowa
Property tax bills in Walnut, located in Cass County, IA, are determined by several key factors. The primary factor is the assessed value of the property, which is based on the market value determined by local assessors. Once the assessed value is established, the local tax rate, which is set by the county, is applied to calculate the annual tax bill. For homeowners in Walnut, the median home price stands at $165,080. Property tax bills can vary significantly, with the 25th percentile at $1,535 and the 75th percentile at $2,526. Those at the 90th percentile face tax bills of approximately $2,844. These tax bills impact homeowners by influencing their overall housing costs. A higher assessed value or tax rate means a higher tax bill, which can affect affordability and long-term financial planning. Comparing these figures to the national median property tax rate of 0.99%, Walnut's property taxes reflect the local economic conditions and municipal needs, ensuring the community has the necessary funds for public services and infrastructure.
Average Walnut Tax Bill
$1,996
Average Cass County Tax Bill
$1,732
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Walnut, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51577 | $1,258 | $1,535 | $1,996 | $2,526 | $2,844 |
Source: Ownwell