Wallingford, Iowa Property Taxes
The median property tax rate in Wallingford, IA is 1.20%, slightly above the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $86,500 in Wallingford, the typical annual property tax bill amounts to $1,090, which is below the national median of $2,690. Property taxes in Wallingford are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Wallingford'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 Wallingford 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
Wallingford, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$1,038
Ownwell’s Wallingford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wallingford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wallingford 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 Wallingford, Iowa
Property taxes in Wallingford, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wallingford is 1.20%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Wallingford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wallingford 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 Wallingford's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51365 zip code has the highest median property tax rate of 1.20%, while the 51365 zip code also has the lowest median tax rate of 1.20%. Understanding how these cities compare with Wallingford provides valuable insights into the varying tax landscape across Emmet County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wallingford Tax Rate
1.20%
Average Emmet County Tax Rate
1.51%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wallingford, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51365 | 1.00% | 1.11% | 1.20% | 1.39% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Wallingford, Iowa
In Wallingford, 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 Emmet 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 Wallingford, 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 Wallingford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Wallingford are both $1,090, found in the 51365 zip code. The median home price is $86,500, with tax bills ranging from $566 at the 25th percentile to $2,741 at the 90th percentile.
Average Wallingford Assessed Value
$86,500
Average Emmet County Assessed Value
$98,400
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wallingford, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51365 | $22,050 | $45,425 | $86,500 | $154,625 | $235,500 |
Source: Ownwell
Property Tax Bills Across Wallingford, Iowa
In Wallingford, property tax bills are calculated based on the assessed value of the home, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, the median home price in Wallingford is $86,500. Homeowners can expect their tax bills to vary significantly, with the 25th percentile paying around $566 and the 75th percentile facing bills up to $1,830. Those in the 90th percentile may see figures as high as $2,741. Several factors influence the tax bill, including property size, location, and improvements. These taxes fund essential public services such as schools, roads, and emergency services, directly impacting the quality of life in Wallingford. Compared to the national median property tax rate of 0.99%, Wallingford's rates reflect the specific needs and budgetary requirements of Emmet County, ensuring that local services are adequately supported.
Average Wallingford Tax Bill
$1,090
Average Emmet County Tax Bill
$1,436
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Wallingford, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51365 | $307 | $566 | $1,090 | $1,830 | $2,741 |
Source: Ownwell