Cushing, Iowa Property Taxes
The median property tax rate in Cushing, 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 $118,050 in Cushing, the typical annual property tax bill is $1,642, which is below the national median of $2,690. Property taxes in Cushing are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Cushing'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 Cushing 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
Cushing, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.38%
Estimate Property Tax Bill
$1,629
Ownwell’s Cushing Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Cushing. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Cushing to provide an accurate estimate of your property tax bill. This tool is designed to give you a clear understanding of your potential tax liabilities, making financial planning more straightforward. For those interested in more detailed insights, including neighborhood-level trends, additional localized information is available below. Your property’s assessed value, which is determined by the county, plays a crucial role in these calculations and may include applicable exemptions.
Property Tax Rates Across Cushing, Iowa
Property taxes in Cushing, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cushing is 1.38%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Cushing set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cushing 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 Cushing's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51018 zip code has the highest median property tax rate of 1.38%, while the same zip code also has the lowest median tax rate of 1.38%. Understanding how these cities compare with Cushing provides valuable insights into the varying tax landscape across Ida County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cushing Tax Rate
1.38%
Average Ida County Tax Rate
1.68%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cushing, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51018 | 1.01% | 1.12% | 1.38% | 1.97% | 6.45% |
Source: Ownwell
Property Tax Assessment Values Across Cushing, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cushing, IA. 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 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 Cushing, 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 Cushing is $118,050, with tax bills ranging from $1,330 at the 25th percentile to $2,284 at the 75th percentile, and up to $3,421 at the 90th percentile. The highest and lowest median tax bills, both at $1,642, are found in the 51018 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 the tax burden.
Average Cushing Assessed Value
$118,050
Average Ida County Assessed Value
$93,540
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cushing, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51018 | $30,520 | $89,940 | $118,050 | $165,880 | $269,482 |
Source: Ownwell
Property Tax Bills Across Cushing, Iowa
In Cushing, located in Ida County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The tax rate is applied to this assessed value to determine the annual property tax bill. Several factors influence the assessed value, including the home's size, age, location, and market conditions. For homeowners in Cushing, the median home price is $118,050. Property tax bills can vary significantly, with the 25th percentile tax bill at $1,330 and the 75th percentile reaching $2,284. The highest tax bills, at the 90th percentile, can be as much as $3,421. These property taxes fund essential local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Cushing's property tax rates can impact homeowners differently based on their property's assessed value and the specific tax rate applied. Understanding these factors can help homeowners anticipate their annual tax obligations and plan accordingly.
Average Cushing Tax Bill
$1,642
Average Ida County Tax Bill
$1,560
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Cushing, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51018 | $953 | $1,330 | $1,642 | $2,284 | $3,421 |
Source: Ownwell