Yale, Iowa Property Taxes
The median property tax rate in Yale, IA is 1.38%, 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 of $117,500 in Yale, the typical annual property tax bill amounts to $1,574, which is below the national median of $2,690. Property taxes in Yale are calculated based on the assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Yale'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 Yale 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
Yale, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.38%
Estimate Property Tax Bill
$1,622
Ownwell’s Yale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Yale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Yale 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 Yale, Iowa
Property taxes in Yale, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Yale is 1.38%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Yale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Yale 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 Yale's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50277 zip code has the highest median property tax rate of 1.38%, while the 50277 zip code also has the lowest median tax rate of 1.38%. Understanding how these cities compare with Yale provides valuable insights into the varying tax landscape across Guthrie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Yale Tax Rate
1.38%
Average Guthrie County Tax Rate
1.18%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Yale, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50277 | 1.07% | 1.14% | 1.38% | 1.53% | 1.66% |
Source: Ownwell
Property Tax Assessment Values Across Yale, Iowa
In Yale, 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 Guthrie 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 Yale, 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 Yale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Yale, the median home price is $117,500, with the highest median tax bill of $1,574 in zip code 50277.
Average Yale Assessed Value
$117,500
Average Guthrie County Assessed Value
$152,050
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Yale, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50277 | $32,940 | $67,250 | $117,500 | $193,300 | $309,860 |
Source: Ownwell
Property Tax Bills Across Yale, Iowa
In Yale, located in Guthrie County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's market value, any applicable exemptions, and the specific tax rate set by local taxing authorities. For homeowners in Yale, the median home price is $117,500, with property tax bills varying significantly. At the 25th percentile, homeowners can expect to pay around $1,024 annually, while those at the 75th percentile face bills of approximately $2,264. The top 10% of tax bills can reach up to $3,532. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners in Yale to understand how local assessments and rates affect their overall tax burden. This variability in tax bills highlights the importance of accurate property assessments and awareness of available exemptions.
Average Yale Tax Bill
$1,574
Average Guthrie County Tax Bill
$1,994
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Yale, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50277 | $428 | $1,024 | $1,574 | $2,264 | $3,532 |
Source: Ownwell