Homestead, Iowa Property Taxes
The median property tax rate in Homestead, IA is 1.22%, which is considerably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Homestead at $385,300, the typical annual property tax bill reaches $4,694, significantly exceeding the national median of $2,690. Property taxes in Homestead 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 Homestead'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 Homestead 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
Homestead, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.22%
Estimate Property Tax Bill
$4,701
Ownwell’s Homestead Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Homestead effortlessly. By simply inputting your property's estimated assessed value, the calculator uses the median tax rate in Homestead to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of your potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by Johnson County, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Homestead, Iowa
Property taxes in Homestead, Iowa, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Homestead is 1.22%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Homestead set these rates annually, and they can vary significantly across different neighborhoods. Each year, Homestead 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 Homestead's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52236 zip code has the highest median property tax rate of 1.22%, while the 52236 zip code also has the lowest median tax rate of 1.22%. Understanding how these cities compare with Homestead 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 Homestead Tax Rate
1.22%
Average Johnson County Tax Rate
1.71%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Homestead, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52236 | 1.20% | 1.21% | 1.22% | 1.24% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Homestead, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Homestead, 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 Johnson County Appraisal District 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 Homestead, 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. For instance, the median home price is $385,300, with tax bills ranging from $2,936 at the 25th percentile to $4,888 at the 90th percentile. The zip code 52236 has the highest median tax bill of $4,694. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Homestead Assessed Value
$385,300
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 Homestead, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52236 | $155,940 | $241,950 | $385,300 | $387,250 | $388,420 |
Source: Ownwell
Property Tax Bills Across Homestead, Iowa
In Homestead, Johnson County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value, reflecting the property's worth in the current real estate market. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the tax bill, including the property's size, location, and condition, as well as any applicable exemptions or deductions. For instance, Homestead's median home price is $385,300. Homeowners in the 25th percentile pay around $2,936 annually, while those in the 75th percentile face tax bills close to $4,815. The highest median tax bill in the area is $4,694, which is significantly higher than the national median property tax rate of 0.99%. These property taxes fund essential public services such as schools, infrastructure, and emergency services. Consequently, understanding how property tax bills are calculated can help homeowners in Homestead better manage their annual expenses and take advantage of any available exemptions.
Average Homestead Tax Bill
$4,694
Average Johnson County Tax Bill
$3,786
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Homestead, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52236 | $1,881 | $2,936 | $4,694 | $4,815 | $4,888 |
Source: Ownwell