Hedrick, Iowa Property Taxes
The median property tax rate in Hedrick, IA is 1.07%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Hedrick at $145,000, the typical annual property tax bill reaches $1,704, which is below the national median of $2,690. Property taxes in Hedrick are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hedrick'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 Hedrick or another part of Jefferson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hedrick, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$1,552
Ownwell’s Hedrick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hedrick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hedrick 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 Hedrick, Iowa
Property taxes in Hedrick, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hedrick is 1.07%, higher than the U.S. national median of 0.99%. Local government entities within Hedrick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hedrick 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 Hedrick's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 52563 has the highest median property tax rate of 1.07%, while the same zip code also has the lowest median tax rate of 1.07%. Understanding how these cities compare with Hedrick provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hedrick Tax Rate
1.07%
Average Jefferson County Tax Rate
1.39%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hedrick, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52563 | 1.01% | 1.02% | 1.07% | 1.18% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Hedrick, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hedrick, 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 Jefferson 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 Hedrick, 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 Hedrick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Hedrick is $145,000, with tax bills ranging from $1,390 at the 25th percentile to $2,819 at the 90th percentile. The zip code 52563 has both the highest and lowest median tax bill at $1,704.
Average Hedrick Assessed Value
$145,000
Average Jefferson County Assessed Value
$132,500
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hedrick, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52563 | $120,480 | $135,800 | $145,000 | $202,600 | $266,240 |
Source: Ownwell
Property Tax Bills Across Hedrick, Iowa
In Hedrick, Jefferson County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $145,000, homeowners can expect varying tax bills depending on their property's assessed value and the specific tax rate applied. Factors such as property size, location, and market conditions play a significant role in the assessment process. Homeowners in the 25th percentile might see tax bills around $1,390, while those in the 75th percentile could face bills closer to $2,382. At the 90th percentile, tax bills can reach up to $2,819. These property tax bills impact homeowners by influencing their overall cost of living and potentially affecting property values. Comparing this to the national median property tax rate of 0.99%, Hedrick's property tax rates offer a perspective on how local taxes can vary widely across different regions.
Average Hedrick Tax Bill
$1,704
Average Jefferson County Tax Bill
$1,806
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Hedrick, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52563 | $1,347 | $1,390 | $1,704 | $2,382 | $2,819 |
Source: Ownwell