Terril, Iowa Property Taxes
The median property tax rate in Terril, IA is 1.06%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $91,250 in Terril, the typical annual property tax bill amounts to $1,058, which is below the national median of $2,690. Property taxes in Terril are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Gaining a thorough understanding of Terril's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in significant annual savings. Whether you're in the heart of Terril 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
Terril, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$967
Ownwell’s Terril Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Terril with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Terril 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 Terril, Iowa
Property taxes in Terril, Iowa, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Terril is 1.06%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Terril set these rates annually, and they can vary significantly across different neighborhoods. Each year, Terril 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 Terril's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51364 zip code has both the highest and lowest median property tax rate of 1.06%. Understanding how these cities compare with Terril provides valuable insights into the varying tax landscape across Dickinson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Terril Tax Rate
1.06%
Average Dickinson County Tax Rate
0.82%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Terril, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51364 | 0.84% | 0.90% | 1.06% | 1.19% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Terril, Iowa
In Terril, 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 Dickinson 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 Terril, 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 Terril helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Terril is $1058 in the 51364 zip code, while the lowest median tax bill is also $1058 in the same zip code.
Average Terril Assessed Value
$91,250
Average Dickinson County Assessed Value
$263,050
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Terril, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51364 | $31,190 | $53,875 | $91,250 | $177,900 | $286,080 |
Source: Ownwell
Property Tax Bills Across Terril, Iowa
In Terril, Dickinson County, IA, property tax bills are primarily calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value, which reflects the property's worth in the current real estate market. This value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's size, location, condition, and any improvements made. For homeowners in Terril, the median home price is $91,250. Tax bills can vary significantly, with the 25th percentile at $608 and the 75th percentile at $1,770, while the 90th percentile can reach up to $2,640. These property taxes fund essential community services such as schools, infrastructure, and emergency services. Homeowners in Terril experience a median property tax rate that can be compared favorably to the national median rate of 0.99%, ensuring they contribute fairly to the community's development and upkeep.
Average Terril Tax Bill
$1,058
Average Dickinson County Tax Bill
$2,470
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Terril, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51364 | $346 | $608 | $1,058 | $1,770 | $2,640 |
Source: Ownwell