Marcus, Iowa Property Taxes
The median property tax rate in Marcus, IA is 1.04%, which is 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 Marcus at $148,115, the typical annual property tax bill reaches $1,474, which is below the national median of $2,690. Property taxes in Marcus are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Marcus'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 Marcus 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
Marcus, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$1,540
Ownwell’s Marcus Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marcus with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marcus 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 Marcus, Iowa
Property taxes in Marcus, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marcus is 1.04%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Marcus set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marcus 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 Marcus's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51035 zip code has the highest median property tax rate of 1.04%, while the same 51035 zip code also has the lowest median tax rate of 1.04%. Understanding how these cities compare with Marcus provides valuable insights into the varying tax landscape across Cherokee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marcus Tax Rate
1.04%
Average Cherokee County Tax Rate
1.11%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marcus, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51035 | 0.84% | 0.94% | 1.04% | 1.17% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Marcus, Iowa
In Marcus, 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 Cherokee 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 Marcus, 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 Marcus helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 51035 in Marcus has both the highest and lowest median tax bill, valued at $1,474.
Average Marcus Assessed Value
$148,115
Average Cherokee County Assessed Value
$121,460
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marcus, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51035 | $48,315 | $88,732 | $148,115 | $223,365 | $317,705 |
Source: Ownwell
Property Tax Bills Across Marcus, Iowa
In Marcus, Cherokee County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Marcus is $148,115. Property tax rates in the area are applied to this assessed value to determine the annual tax bill. Several factors influence this calculation, including the property’s assessed value, local tax rates, and any applicable exemptions. Homeowners in Marcus can expect property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $879, while at the 75th percentile, it reaches $2,303. The tax bill at the 90th percentile can be as high as $3,314. Comparatively, the national median property tax rate is 0.99%. Understanding how these taxes are calculated helps homeowners budget more effectively and anticipate their financial obligations. The highest and lowest median tax bills in Marcus are both $1,474, indicating a consistent tax rate within the zip code 51035.
Average Marcus Tax Bill
$1,474
Average Cherokee County Tax Bill
$1,348
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Marcus, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51035 | $503 | $879 | $1,474 | $2,303 | $3,314 |
Source: Ownwell