Dumont, Iowa Property Taxes
The median property tax rate in Dumont, IA is 1.27%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value in Dumont of $148,800, the typical annual property tax bill is $1,664, which falls below the national median of $2,690. Property taxes in Dumont are calculated based on the tax assessed value, generally lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Dumont'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 Dumont 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
Dumont, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.27%
Estimate Property Tax Bill
$1,890
Ownwell’s Dumont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dumont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dumont 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 Dumont, Iowa
Property taxes in Dumont, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dumont is 1.27%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Dumont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dumont 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 Dumont's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50625 zip code has the highest median property tax rate of 1.27%, while the same zip code also has the lowest median tax rate of 1.27%. Understanding how these areas compare with Dumont provides valuable insights into the varying tax landscape across Butler County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dumont Tax Rate
1.27%
Average Franklin County Tax Rate
1.64%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dumont, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50625 | 1.08% | 1.16% | 1.27% | 1.40% | 1.66% |
Source: Ownwell
Property Tax Assessment Values Across Dumont, Iowa
In Dumont, 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 local 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 Dumont, 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 Dumont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 50625 has both the highest and lowest median tax bill at $1,664.
Average Dumont Assessed Value
$148,800
Average Franklin County Assessed Value
$103,400
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dumont, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50625 | $62,240 | $83,900 | $148,800 | $259,700 | $312,660 |
Source: Ownwell
Property Tax Bills Across Dumont, Iowa
In Dumont, IA, property tax bills are determined based on the assessed value of a home, which is different from its market value. The local tax assessor evaluates the property to establish its assessed value, considering factors like the home's size, age, location, and any improvements made. Once the assessed value is determined, the local tax rate is applied to calculate the annual property tax bill. For instance, the median home price in Dumont is $148,800. At a national median property tax rate of 0.99%, a homeowner might expect to pay around $1,473 annually. However, in Dumont, tax bills can vary significantly. The 25th percentile tax bill is about $1,166, while the 75th percentile reaches $3,430, and the 90th percentile can be as high as $4,382. These variations depend on the specific assessed value of each property and the applicable tax rate. Homeowners in Dumont should be aware of these factors as they directly impact their annual financial obligations.
Average Dumont Tax Bill
$1,664
Average Franklin County Tax Bill
$1,653
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Dumont, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50625 | $771 | $1,166 | $1,664 | $3,430 | $4,382 |
Source: Ownwell