Colfax, Iowa Property Taxes
The median property tax rate in Colfax, IA is 1.64%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Colfax at $165,540, the typical annual property tax bill reaches $2,558, slightly below the national median of $2,690. Property taxes in Colfax 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 Colfax'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 Colfax 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
Colfax, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.64%
Estimate Property Tax Bill
$2,715
Ownwell’s Colfax Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Colfax with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colfax 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 Colfax, Iowa
Property taxes in Colfax, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Colfax is 1.64%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Colfax set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colfax 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 Colfax's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50054 has the highest median property tax rate of 1.64%, while the same zip code also has the lowest median tax rate of 1.64%. Understanding how these cities compare with Colfax provides valuable insights into the varying tax landscape across Jasper County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colfax Tax Rate
1.64%
Average Jasper County Tax Rate
1.61%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colfax, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50054 | 1.17% | 1.24% | 1.64% | 1.81% | 1.88% |
Source: Ownwell
Property Tax Assessment Values Across Colfax, Iowa
In Colfax, 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 Jasper 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 Colfax, 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 Colfax is $165,540, with tax bills ranging from $1,766 at the 25th percentile to $4,465 at the 90th percentile. Being aware of these valuation processes in Colfax helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Colfax Assessed Value
$165,540
Average Jasper County Assessed Value
$166,390
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colfax, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50054 | $61,662 | $108,530 | $165,540 | $236,645 | $332,404 |
Source: Ownwell
Property Tax Bills Across Colfax, Iowa
In Colfax, located in Jasper County, IA, property tax bills are calculated based on the assessed value of a home. The median home price in Colfax is $165,540. The local tax rate is applied to this assessed value to determine the annual tax bill. For instance, homeowners in the 25th percentile can expect a tax bill of around $1,766, while those in the 75th percentile might see bills closer to $3,452. For homes in the 90th percentile, tax bills can reach up to $4,465. Several factors influence these tax bills, including property size, location, and any applicable exemptions. The highest median tax bill in the area is $2,558, which is significantly higher than the national median property tax rate of 0.99%. This higher rate can impact homeowners by increasing their annual expenses, making it crucial for them to understand how their property is assessed and what exemptions they may qualify for to potentially lower their tax burden.
Average Colfax Tax Bill
$2,558
Average Jasper County Tax Bill
$2,548
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Colfax, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50054 | $940 | $1,766 | $2,558 | $3,452 | $4,465 |
Source: Ownwell