Union, Iowa Property Taxes
The median property tax rate in Union, IA is 1.36%, notably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $78,095 in Union, the typical annual property tax bill amounts to $1,052, which is below the national median of $2,690. Property taxes in Union are calculated based on the assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Union'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 Union or another part of Hardin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Union, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.36%
Estimate Property Tax Bill
$1,062
Ownwell’s Union Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Union with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Union 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 Union, Iowa
Property taxes in Union, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Union is 1.36%, significantly higher than both the Iowa state median of 1.29% and the U.S. national median of 0.99%. Local government entities within Union set these rates annually, and they can vary significantly across different neighborhoods. Each year, Union 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 Union's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50258 zip code has the highest median property tax rate of 1.36%, while the same zip code also has the lowest median tax rate of 1.36%. Understanding how these areas compare with Union provides valuable insights into the varying tax landscape across Hardin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Union Tax Rate
1.36%
Average Hardin County Tax Rate
1.61%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Union, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50258 | 0.97% | 1.12% | 1.36% | 1.52% | 1.64% |
Source: Ownwell
Property Tax Assessment Values Across Union, Iowa
In Union, 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 Hardin County 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 Union, 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 Union is $78,095, with annual tax bills ranging from $498 at the 25th percentile to $2,611 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 50258, standing at $1,052. Being aware of these valuation processes in Union helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Union Assessed Value
$78,095
Average Hardin County Assessed Value
$94,800
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Union, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50258 | $19,652 | $40,240 | $78,095 | $136,572 | $217,658 |
Source: Ownwell
Property Tax Bills Across Union, Iowa
In Union, located in Hardin 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 value to determine the annual tax bill. For example, with a median home price of $78,095, homeowners can expect their tax bill to vary significantly depending on the assessed value and applicable exemptions. Property tax bills in Union range widely, with the 25th percentile at $498 and the 75th percentile at $1,674, while the 90th percentile reaches up to $2,611. This variation highlights the impact of property assessments and local tax rates on homeowners. Compared to the national median property tax rate of 0.99%, Union's tax rates can be more or less favorable depending on individual assessments and exemptions. For homeowners, understanding these factors is crucial in anticipating their annual financial obligations and planning accordingly.
Average Union Tax Bill
$1,052
Average Hardin County Tax Bill
$1,480
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Union, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50258 | $246 | $498 | $1,052 | $1,674 | $2,611 |
Source: Ownwell