Rockford, Iowa Property Taxes
The median property tax rate in Rockford, IA is 1.32%, notably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Rockford at $123,645, the typical annual property tax bill amounts to $1,723, which is below the national median of $2,690. Property taxes in Rockford are calculated based on the tax assessed value, which often falls below market value due to exemptions like primary residence and agricultural exemptions. Understanding Rockford'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 Rockford 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
Rockford, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.32%
Estimate Property Tax Bill
$1,632
Ownwell’s Rockford Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Rockford using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rockford to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those 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 Floyd County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Rockford, Iowa
Property taxes in Rockford, IA, are crucial for funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Rockford is 1.32%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Rockford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rockford 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 Rockford's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50468 has the highest median property tax rate of 1.32%, while the same zip code also has the lowest median tax rate of 1.32%. Understanding how these cities compare with Rockford provides valuable insights into the varying tax landscape across Floyd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rockford Tax Rate
1.32%
Average Floyd County Tax Rate
1.40%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rockford, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50468 | 1.01% | 1.06% | 1.32% | 1.46% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Rockford, Iowa
In Rockford, 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 Floyd 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 Rockford, 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. The median home price in Rockford is $123,645, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $954, while the 75th percentile tax bill is $2,990. The highest median tax bill in the area is $1,723, observed in zip code 50468. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rockford Assessed Value
$123,645
Average Floyd County Assessed Value
$118,220
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rockford, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50468 | $17,790 | $63,412 | $123,645 | $234,650 | $348,365 |
Source: Ownwell
Property Tax Bills Across Rockford, Iowa
In Rockford, located in Floyd County, IA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate various factors such as the property's size, location, and condition. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For instance, the median home price in Rockford is $123,645, and the tax bills can range significantly across different percentiles. Homeowners in the 25th percentile pay about $954, while those in the 75th percentile face a tax bill of around $2,990. At the 90th percentile, the tax bill can rise to $4,082. Comparatively, the national median property tax rate is 0.99%, which provides a useful benchmark for understanding local tax obligations. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting homeowners by contributing to the overall quality of life in the community.
Average Rockford Tax Bill
$1,723
Average Floyd County Tax Bill
$1,659
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Rockford, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50468 | $390 | $954 | $1,723 | $2,990 | $4,082 |
Source: Ownwell