Preston, Iowa Property Taxes
The median property tax rate in Preston, Iowa is 1.40%, which is higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Preston, the typical annual property tax bill reaches $3,364, surpassing the national median of $2,690. Property taxes in Preston 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 Preston'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 Preston 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
Preston, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$3,495
Ownwell’s Preston Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Preston with just two simple data points. By entering your property's estimated assessed value, the calculator applies the median tax rate specific to Preston, offering a clear estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities and make informed financial decisions. For those interested in more detailed trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Preston, Iowa
Property taxes in Preston, Iowa, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Preston is 1.40%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Preston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Preston 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 Preston's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 52069 has the highest median property tax rate of 1.40%, while the same zip code also has the lowest median tax rate of 1.40%. Understanding how these cities compare with Preston provides valuable insights into the varying tax landscape across Clinton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Preston Tax Rate
1.40%
Average Clinton County Tax Rate
1.59%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Preston, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52069 | 1.31% | 1.33% | 1.40% | 1.47% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Preston, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Preston, Iowa. 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 Clinton 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. 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. In Preston, the median home price is $249,645. The tax bill at the 25th percentile is $2,487, while at the 75th percentile, it is $4,782. The highest and lowest median tax bills are both $3,364, occurring in the 52069 zip code. By understanding these valuation concepts, property owners can better manage their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Preston Assessed Value
$249,645
Average Clinton County Assessed Value
$133,420
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Preston, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52069 | $133,372 | $173,245 | $249,645 | $332,438 | $432,081 |
Source: Ownwell
Property Tax Bills Across Preston, Iowa
In Preston, located in Clinton County, IA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor's office, which evaluates the property based on factors such as location, size, and condition. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. For instance, with a median home price of $249,645, homeowners in Preston can expect varying tax bills depending on their specific property assessments and applicable exemptions. The tax bill at the 25th percentile is around $2,487, while those at the 75th percentile see bills closer to $4,782. At the 90th percentile, tax bills can reach up to $6,098. These property taxes significantly impact homeowners, influencing their annual budgets and long-term financial planning. Compared to the national median property tax rate of 0.99%, Preston's property tax rates can be seen as a considerable factor for potential homeowners to consider when purchasing property in this area.
Average Preston Tax Bill
$3,364
Average Clinton County Tax Bill
$2,178
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Preston, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52069 | $1,778 | $2,487 | $3,364 | $4,782 | $6,098 |
Source: Ownwell