Hampton, Iowa Property Taxes
The median property tax rate in Hampton, IA is 1.82%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Hampton, the typical annual property tax bill reaches $1,762, exceeding the national median of $2,690. Property taxes in Hampton 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 Hampton'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 Hampton or another part of Franklin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hampton, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.82%
Estimate Property Tax Bill
$1,801
Ownwell’s Hampton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hampton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hampton 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 Hampton, Iowa
Property taxes in Hampton, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hampton is 1.82%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hampton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hampton 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 Hampton's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50441 has both the highest and lowest median property tax rate of 1.82%. Understanding how these cities compare with Hampton provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hampton Tax Rate
1.82%
Average Franklin County Tax Rate
1.64%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hampton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50441 | 1.23% | 1.46% | 1.82% | 2.05% | 2.18% |
Source: Ownwell
Property Tax Assessment Values Across Hampton, Iowa
In Hampton, 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 Franklin 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 Hampton, 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. For instance, the median home price in Hampton is $98,950, with tax bills ranging from $1,100 at the 25th percentile to $3,747 at the 90th percentile. The highest and lowest median tax bills both stand at $1,762 in the 50441 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Hampton Assessed Value
$98,950
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 Hampton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50441 | $35,910 | $60,125 | $98,950 | $160,175 | $245,190 |
Source: Ownwell
Property Tax Bills Across Hampton, Iowa
In Hampton, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate set by various taxing authorities, including the county, city, and school districts. For instance, the median home price in Hampton is $98,950. Homeowners in this area can expect a tax bill ranging from $1,100 at the 25th percentile to $3,747 at the 90th percentile, with the median tax bill being $1,762. Several factors influence the tax bill, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Hampton's tax rates reflect the local economic conditions and funding needs. For homeowners, understanding these factors is crucial for financial planning and can significantly impact their annual budget. The local tax rate and assessed value together determine the final tax obligation, making it essential for property owners to stay informed about any changes in assessment or tax policy.
Average Hampton Tax Bill
$1,762
Average Franklin County Tax Bill
$1,653
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Hampton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50441 | $581 | $1,100 | $1,762 | $2,627 | $3,747 |
Source: Ownwell