Runnells, Iowa Property Taxes
The median property tax rate in Runnells, IA is 1.67%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Runnells at $169,370, the typical annual property tax bill reaches $2,761, slightly exceeding the national median of $2,690. Property taxes in Runnells 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 Runnells' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Runnells 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
Runnells, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$2,828
Ownwell’s Runnells Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Runnells with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Runnells 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 Runnells, Iowa
Property taxes in Runnells, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Runnells is 1.67%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Runnells set these rates annually, and they can vary significantly across different neighborhoods. Each year, Runnells 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 Runnells' effective property tax rate to other counties in Iowa and the national median. For comparison, the 50237 zip code has the highest median property tax rate of 1.67%, while the same zip code also has the lowest median tax rate of 1.67%. Understanding how these cities compare with Runnells 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 Runnells Tax Rate
1.67%
Average Jasper County Tax Rate
1.61%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Runnells, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50237 | 1.45% | 1.62% | 1.67% | 1.74% | 1.76% |
Source: Ownwell
Property Tax Assessment Values Across Runnells, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Runnells, Iowa. 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 assessment authority 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 Runnells, 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in Runnells is $2,761 in the 50237 zip code, while the lowest is also $2,761 in the same zip code. This knowledge can empower homeowners to take proactive steps in managing their property taxes effectively.
Average Runnells Assessed Value
$169,370
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 Runnells, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50237 | $99,563 | $126,120 | $169,370 | $223,488 | $289,271 |
Source: Ownwell
Property Tax Bills Across Runnells, Iowa
Property tax bills in Runnells, Jasper County, IA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the home. Jasper County has a median home price of $169,370, which influences the overall tax bill homeowners can expect. The property tax rate in Runnells is applied to the assessed value to determine the annual tax bill. For instance, homeowners in the 25th percentile of tax bills pay around $2,068, while those in the 75th percentile pay approximately $3,754. The 90th percentile sees tax bills reaching up to $4,963. These tax bills fund essential local services, including schools, public safety, and infrastructure. For homeowners, understanding these factors is crucial as property taxes can significantly impact annual expenses. Compared to the national median property tax rate of 0.99%, Runnells' tax rates reflect the local economic conditions and funding needs.
Average Runnells Tax Bill
$2,761
Average Jasper County Tax Bill
$2,548
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Runnells, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50237 | $1,449 | $2,068 | $2,761 | $3,754 | $4,963 |
Source: Ownwell