Packwood, Iowa Property Taxes
The median property tax rate in Packwood, IA is 1.22%, 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 Packwood at $156,690, the typical annual property tax bill reaches $1,725, which is below the national median of $2,690. Property taxes in Packwood are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Packwood'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 Packwood 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
Packwood, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.22%
Estimate Property Tax Bill
$1,912
Ownwell’s Packwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Packwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Packwood 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 Packwood, Iowa
Property taxes in Packwood, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Packwood is 1.22%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Packwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Packwood 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 Packwood's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52580 zip code has the highest median property tax rate of 1.22%, while the same zip code also has the lowest median tax rate of 1.22%. Understanding how these cities compare with Packwood 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 Packwood Tax Rate
1.22%
Average Keokuk County Tax Rate
1.25%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Packwood, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52580 | 1.03% | 1.12% | 1.22% | 1.32% | 1.59% |
Source: Ownwell
Property Tax Assessment Values Across Packwood, Iowa
In Packwood, 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 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 Packwood, 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 Packwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Packwood are both $1,725, found in the 52580 zip code.
Average Packwood Assessed Value
$156,690
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 Packwood, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52580 | $90,328 | $116,941 | $156,690 | $283,675 | $426,625 |
Source: Ownwell
Property Tax Bills Across Packwood, Iowa
In Packwood, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The median home price in Packwood stands at $156,690. Property taxes in this area can vary significantly, with the 25th percentile tax bill at $1,568 and the 75th percentile reaching $3,980. The 90th percentile tax bill climbs even higher, up to $5,386. These variations are influenced by factors such as property location, improvements, and market conditions. Homeowners in Packwood, located in Keokuk County, experience property tax rates that may differ from the national median property tax rate of 0.99%. The highest and lowest median tax bills in the area both amount to $1,725, highlighting a relatively narrow range in the median tax bills across different properties in the same zip code, 52580. These property taxes fund essential local services, including schools, infrastructure, and emergency services, impacting the overall quality of life for Packwood residents.
Average Packwood Tax Bill
$1,725
Average Keokuk County Tax Bill
$1,284
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Packwood, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52580 | $1,183 | $1,568 | $1,725 | $3,980 | $5,386 |
Source: Ownwell