Mason City, Iowa Property Taxes
The median property tax rate in Mason City, IA is 1.56%, noticeably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With a median home value of $124,500 in Mason City, the typical annual property tax bill reaches $1,828, which is below the national median of $2,690. Property taxes in Mason City are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Mason City'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 Mason City 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
Mason City, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.56%
Estimate Property Tax Bill
$1,942
Ownwell’s Mason City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mason City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mason City 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 Mason City, Iowa
Property taxes in Mason City, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mason City is 1.56%, significantly higher than the U.S. national median of 0.99%. Local government entities within Mason City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mason City 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 Mason City's effective property tax rate to other areas in Cerro Gordo County and the national median. For comparison, the 50401 zip code has the highest median property tax rate of 1.56%, while the same zip code also has the lowest median tax rate of 1.56%. Understanding how these areas compare with Mason City provides valuable insights into the varying tax landscape across Cerro Gordo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mason City Tax Rate
1.56%
Average Cerro Gordo County Tax Rate
1.43%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mason City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50401 | 1.23% | 1.43% | 1.56% | 1.64% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Mason City, Iowa
In Mason City, 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 Cerro Gordo 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 Mason City, 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 Mason City is $124,500, with tax bills ranging widely. For instance, the 25th percentile tax bill is $1,162, while the 75th percentile tax bill is $2,862, and the 90th percentile tax bill reaches $4,718. 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 Mason City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mason City Assessed Value
$124,500
Average Cerro Gordo County Assessed Value
$157,690
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mason City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50401 | $50,404 | $80,448 | $124,500 | $196,978 | $308,897 |
Source: Ownwell
Property Tax Bills Across Mason City, Iowa
In Mason City, located in Cerro Gordo County, IA, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and is intended to reflect the market value of the home. For example, with a median home price of $124,500 in Mason City, homeowners can expect their property tax bills to vary significantly. The tax bill is influenced by several factors, including the property's assessed value, any applicable exemptions, and the specific tax rate set by local taxing authorities. In Mason City, the property tax bills range from the 25th percentile at $1,162 to the 75th percentile at $2,862, with the 90th percentile reaching up to $4,718. These property tax rates can have a notable impact on homeowners, affecting their annual housing costs and potentially influencing their decisions about homeownership. Compared to the national median property tax rate of 0.99%, Mason City's rates provide a localized perspective on the financial responsibilities of owning a home in this region.
Average Mason City Tax Bill
$1,828
Average Cerro Gordo County Tax Bill
$2,032
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Mason City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50401 | $720 | $1,162 | $1,828 | $2,862 | $4,718 |
Source: Ownwell