Hedrick, Iowa Property Taxes
The median property tax rate in Hedrick, IA is 1.24%, which is 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 $89,460, the typical annual property tax bill is approximately $1,087, falling below the national median of $2,690. Property taxes in Hedrick are determined based on the tax assessed value, often lower than the market value due to various exemptions such as 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 Keokuk 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
1.24%
Estimate Property Tax Bill
$1,109
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, are essential for funding critical local services like public schools, road maintenance, and emergency services. The median tax rate in Hedrick is 1.24%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Hedrick set these rates annually, and they can vary 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 1.24%, while the same zip code also has the lowest median tax rate of 1.24%. Understanding how these cities compare with Hedrick provides valuable insights into the varying tax landscape across Keokuk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hedrick Tax Rate
1.24%
Average Keokuk County Tax Rate
1.25%
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 | 0.97% | 1.11% | 1.24% | 1.41% | 1.57% |
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 Keokuk 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 highest median tax bill in the area is $1087, found in zip code 52563, which is also the lowest median tax bill.
Average Hedrick Assessed Value
$89,460
Average Keokuk County Assessed Value
$102,671
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 | $21,620 | $53,620 | $89,460 | $149,260 | $238,183 |
Source: Ownwell
Property Tax Bills Across Hedrick, Iowa
In Hedrick, located in Keokuk County, IA, property tax bills are calculated based on the assessed value of a home, which is then multiplied by the local tax rate. The median home price in Hedrick is $89,460, and the property tax rate is determined by various local factors, including public service funding needs and school district budgets. Homeowners in Hedrick can expect a property tax bill ranging from $623 at the 25th percentile to $1,804 at the 75th percentile, with the 90th percentile reaching $2,933. These tax bills are influenced by the assessed value of the property, which considers the market value and any applicable exemptions. For instance, homeowners with higher-valued properties or fewer exemptions will face higher tax bills. In comparison to the national median property tax rate of 0.99%, Hedrick's property tax rates may appear more favorable, but the impact on homeowners can still be significant, particularly for those with properties at the higher end of the value spectrum.
Average Hedrick Tax Bill
$1,087
Average Keokuk County Tax Bill
$1,284
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 | $279 | $623 | $1,087 | $1,804 | $2,933 |
Source: Ownwell