Ely, Iowa Property Taxes
The median property tax rate in Ely, IA is 1.34%, which is notably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $308,350 in Ely, the typical annual property tax bill amounts to $4,029, significantly surpassing the national median of $2,690. Property taxes in Ely are determined based on the tax assessed value, which is generally lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Familiarizing yourself with Ely's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're located in the heart of Ely or another part of Johnson County, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Ely, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.34%
Estimate Property Tax Bill
$4,132
Ownwell’s Ely Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ely with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ely 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 Ely, Iowa
Property taxes in Ely, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ely is 1.34%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Ely set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ely 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 Ely's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52227 zip code has the highest median property tax rate of 1.34%, while the lowest median tax rate is also 1.34%. Understanding how these cities compare with Ely provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ely Tax Rate
1.34%
Average Johnson County Tax Rate
1.71%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ely, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52227 | 1.25% | 1.28% | 1.34% | 1.35% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Ely, Iowa
In Ely, 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 Johnson 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 Ely, 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 Ely helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Ely is $308,350, with tax bills ranging from $2,958 at the 25th percentile to $7,359 at the 90th percentile. The highest and lowest median tax bills are both $4,029 in the 52227 zip code.
Average Ely Assessed Value
$308,350
Average Johnson County Assessed Value
$229,790
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ely, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52227 | $209,220 | $239,625 | $308,350 | $513,275 | $551,750 |
Source: Ownwell
Property Tax Bills Across Ely, Iowa
In Ely, located in Johnson County, IA, property tax bills are calculated based on the assessed value of the home and the applicable tax rate. The median home price in this area is $308,350, which serves as a starting point for determining property taxes. The assessed value is then multiplied by the local tax rate to calculate the annual tax bill. Factors such as property improvements, land value, and local government budgets influence the assessed value. For homeowners in Ely, the property tax bill can vary significantly. For instance, the 25th percentile tax bill is approximately $2,958, while the 75th percentile reaches up to $6,926. At the 90th percentile, homeowners might see tax bills around $7,359. These variations impact homeowners differently, depending on their property's assessed value and any applicable exemptions. Comparatively, the highest median tax bill in the region is $4,029, which is consistent across all zip codes in Johnson County. This rate is higher than the national median property tax rate of 0.99%, indicating that Ely homeowners might pay more in property taxes than the average U.S. homeowner.
Average Ely Tax Bill
$4,029
Average Johnson County Tax Bill
$3,786
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Ely, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52227 | $2,780 | $2,958 | $4,029 | $6,926 | $7,359 |
Source: Ownwell