Rock Falls, Iowa Property Taxes
The median property tax rate in Rock Falls, IA is 1.05%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Rock Falls at $155,600, the typical annual property tax bill is $1,648, which is below the national median of $2,690. Property taxes in Rock Falls are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Rock Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Rock Falls 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
Rock Falls, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$1,634
Ownwell’s Rock Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rock Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rock Falls 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 Rock Falls, Iowa
Property taxes in Rock Falls, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rock Falls is 1.05%, which is higher than the U.S. national median of 0.99%. Local government entities within Rock Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rock Falls 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 Rock Falls' effective property tax rate to other counties in Iowa and the national median. For comparison, the 50467 zip code has the highest median property tax rate of 1.05%, while the same zip code also has the lowest median tax rate of 1.05%. Understanding how these cities compare with Rock Falls 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 Rock Falls Tax Rate
1.05%
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 Rock Falls, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50467 | 0.92% | 1.01% | 1.05% | 1.10% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Rock Falls, Iowa
In Rock Falls, 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 Rock Falls, 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. For example, the median home price in Rock Falls is $155,600, with tax bills ranging from $865 at the 25th percentile to $2,193 at the 75th percentile, and up to $2,969 at the 90th percentile. 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 Rock Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rock Falls Assessed Value
$155,600
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 Rock Falls, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50467 | $76,948 | $105,200 | $155,600 | $208,345 | $292,326 |
Source: Ownwell
Property Tax Bills Across Rock Falls, Iowa
In Rock Falls, located in Cerro Gordo 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. Factors influencing the tax bill include the home's assessed value, which reflects market conditions, and any applicable exemptions or deductions. Homeowners in Rock Falls experience a range of property tax bills. For instance, the 25th percentile tax bill is $865, while the 75th percentile tax bill is $2,193, and the 90th percentile tax bill reaches $2,969. The highest median tax bill in the area is $1,648, recorded in the zip code 50467. These tax bills can significantly impact homeowners, affecting their monthly budgets and long-term financial planning. Compared to the national median property tax rate of 0.99%, the property tax rates in Rock Falls highlight the importance of understanding local tax policies and how they influence individual financial obligations.
Average Rock Falls Tax Bill
$1,648
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 Rock Falls, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50467 | $535 | $865 | $1,648 | $2,193 | $2,969 |
Source: Ownwell