Sumner, Iowa Property Taxes
The median property tax rate in Sumner, IA is 1.19%, slightly higher than the national median of 0.99% but lower than Iowa's state median of 1.54%. With the median home value in Sumner at $208,200, the typical annual property tax bill reaches $2,360, which is below the national median of $2,690. Property taxes in Sumner 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 Sumner'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 Sumner 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
Sumner, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.19%
Estimate Property Tax Bill
$2,478
Ownwell’s Sumner Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sumner with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sumner 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 Sumner, Iowa
Property taxes in Sumner, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sumner stands at 1.19%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Sumner set these rates annually, and they can vary across different neighborhoods. Each year, Sumner 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 Sumner's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50674 has the highest median property tax rate of 1.19%, while the same zip code also has the lowest median tax rate of 1.19%. Understanding how these cities compare with Sumner provides valuable insights into the varying tax landscape across Chickasaw County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sumner Tax Rate
1.19%
Average Chickasaw County Tax Rate
1.19%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sumner, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50674 | 1.05% | 1.09% | 1.19% | 1.34% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Sumner, Iowa
In Sumner, 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 Chickasaw 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 Sumner, 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. For instance, the highest median tax bill in Sumner is $2,360, found in the 50674 zip code, which is also the lowest. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sumner Assessed Value
$208,200
Average Chickasaw County Assessed Value
$150,300
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sumner, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50674 | $79,680 | $117,600 | $208,200 | $292,800 | $402,840 |
Source: Ownwell
Property Tax Bills Across Sumner, Iowa
In Sumner, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the property's market value. The tax rate, or millage rate, is then applied to the assessed value to calculate the annual property tax bill. Various factors influence this calculation, including property size, location, and any improvements made to the property. For homeowners in Sumner, the median home price stands at $208,200. Property tax bills can vary significantly, with the 25th percentile tax bill at $1,284 and the 75th percentile reaching $3,524. For those in the 90th percentile, tax bills can go as high as $5,526. Compared to the national median property tax rate of 0.99%, these figures provide a clear picture of the local tax burden. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Sumner Tax Bill
$2,360
Average Chickasaw County Tax Bill
$1,710
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Sumner, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50674 | $995 | $1,284 | $2,360 | $3,524 | $5,526 |
Source: Ownwell