Ira, Iowa Property Taxes
The median property tax rate in IRA, IA is 1.17%, 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 $87,620 in IRA, the typical annual property tax bill amounts to $906, which is significantly below the national median of $2,690. Property taxes in IRA are calculated based on the assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding IRA's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of IRA or another part of Jasper County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ira, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$1,025
Ownwell’s IRA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in IRA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in IRA 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 Ira, Iowa
Property taxes in IRA, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in IRA is 1.17%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within IRA set these rates annually, and they can vary significantly across different neighborhoods. Each year, IRA 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 IRA's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50127 zip code has the highest median property tax rate of 1.17%, while the same zip code also has the lowest median tax rate of 1.17%. Understanding how these areas compare with IRA 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 Ira Tax Rate
1.17%
Average Jasper County Tax Rate
1.61%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ira, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50127 | 0.99% | 1.12% | 1.17% | 1.27% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Ira, Iowa
In IRA, 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 IRA, 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 IRA helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in IRA is 50127, both at $906.
Average Ira Assessed Value
$87,620
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 Ira, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50127 | $38,434 | $55,968 | $87,620 | $119,490 | $163,332 |
Source: Ownwell
Property Tax Bills Across Ira, Iowa
In IRA, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Jasper County, the median home price is $87,620, resulting in varying tax bills. The 25th percentile tax bill is $656, while the 75th percentile reaches $1,418, and the 90th percentile goes up to $1,888. Comparatively, the national median property tax rate is 0.99%, making IRA's property taxes relatively moderate. These tax bills fund essential local services like schools, roads, and public safety, directly impacting the community's quality of life. Homeowners must budget for these taxes, as they are a significant part of owning property in IRA, ensuring they contribute to the well-being and infrastructure of their locality.
Average Ira Tax Bill
$906
Average Jasper County Tax Bill
$2,548
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Ira, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50127 | $424 | $656 | $906 | $1,418 | $1,888 |
Source: Ownwell