Eldora, Iowa Property Taxes
The median property tax rate in Eldora, IA is 1.04%, 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 $235,900 in Eldora, the typical annual property tax bill amounts to $2,208, which is below the national median of $2,690. Property taxes in Eldora are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Eldora'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 Eldora 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
Eldora, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$2,453
Ownwell’s Eldora Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers a simple way to estimate their annual property taxes in Eldora using just two pieces of information. By inputting your property's estimated assessed value, the calculator utilizes the median tax rate in Eldora to provide an accurate estimate of your property tax bill. This valuable tool allows you to grasp your potential tax obligations with ease. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Eldora, Iowa
Property taxes in Eldora, Iowa, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Eldora is 1.04%, which is higher than the U.S. national median of 0.99%. Local government entities in Eldora set these rates annually, and they can vary across different neighborhoods. Each year, Eldora 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 Eldora's effective property tax rate to other areas in Grundy County and the national median. For comparison, the zip code 50627 has both the highest and lowest median property tax rate of 1.04%. Understanding how these areas compare with Eldora provides valuable insights into the varying tax landscape across Grundy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring regions.
Average Eldora Tax Rate
1.04%
Average Grundy County Tax Rate
1.29%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Eldora, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50627 | 0.86% | 0.90% | 1.04% | 1.24% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Eldora, Iowa
In Eldora, 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 Grundy 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 Eldora, 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 Eldora helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill in Eldora is 50627, with a tax bill of $2,208.
Average Eldora Assessed Value
$235,900
Average Grundy County Assessed Value
$168,355
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Eldora, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50627 | $115,296 | $158,250 | $235,900 | $383,370 | $483,072 |
Source: Ownwell
Property Tax Bills Across Eldora, Iowa
In Eldora, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor’s office. This assessed value is then multiplied by the local property tax rate to arrive at the annual tax bill. Various factors influence the assessed value, including the home's market value, location, and any improvements or renovations made. For homeowners in Eldora, the median home price stands at $235,900, with annual property tax bills ranging significantly. At the 25th percentile, the tax bill is $1,678, while at the 75th percentile, it rises to $4,008, and at the 90th percentile, it can reach as high as $7,038. These fluctuations can impact homeowners' financial planning, especially when compared to the national median property tax rate of 0.99%. Understanding these variables can help homeowners better anticipate their property tax liabilities and manage their budgets accordingly.
Average Eldora Tax Bill
$2,208
Average Grundy County Tax Bill
$2,137
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Eldora, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50627 | $1,116 | $1,678 | $2,208 | $4,008 | $7,038 |
Source: Ownwell