Swea City, Iowa Property Taxes
The median property tax rate in Swea City, IA is 1.68%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Swea City being $46,261, the typical annual property tax bill reaches $810, which is still below the national median of $2,690. Property taxes in Swea City 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 Swea City'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 Swea City 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
Swea City, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.68%
Estimate Property Tax Bill
$777
Ownwell’s Swea City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Swea City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Swea City 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 Swea City, Iowa
Property taxes in Swea City, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Swea City is 1.68%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Swea City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Swea City 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 Swea City's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50590 zip code has the highest median property tax rate of 1.68%, while the same zip code also has the lowest median tax rate of 1.68%. Understanding how these cities compare with Swea City provides valuable insights into the varying tax landscape across Kossuth County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Swea City Tax Rate
1.68%
Average Kossuth County Tax Rate
1.63%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Swea City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50590 | 0.83% | 1.36% | 1.68% | 1.95% | 3.13% |
Source: Ownwell
Property Tax Assessment Values Across Swea City, Iowa
In Swea City, 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 Kossuth 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 Swea City, 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 Swea City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 50590 has the highest and lowest median tax bill, both at $810, compared to the national median property tax rate of 0.99%.
Average Swea City Assessed Value
$46,261
Average Kossuth County Assessed Value
$85,990
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Swea City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50590 | $11,480 | $24,570 | $46,261 | $73,909 | $116,342 |
Source: Ownwell
Property Tax Bills Across Swea City, Iowa
In Swea City, Kossuth County, IA, property tax bills are determined based on the assessed value of a home. The assessed value is a percentage of the home's market value, which is then multiplied by the local tax rate to calculate the annual tax bill. The median home price in Swea City is $46,261, and the median property tax rate is 1.75%, higher than the national median of 0.99%. For homeowners, this means property tax bills can vary significantly. The 25th percentile tax bill is around $438, while the 75th percentile reaches $1,216. At the 90th percentile, the tax bill can be as high as $1,854. These variations are influenced by factors such as property size, location, and improvements. Homeowners in the 50590 zip code experience a median tax bill of $810, reflecting the specific assessed values and tax rates in the area. Understanding these factors is crucial for homeowners to anticipate their financial responsibilities and plan accordingly.
Average Swea City Tax Bill
$810
Average Kossuth County Tax Bill
$1,460
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Swea City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50590 | $202 | $438 | $810 | $1,216 | $1,854 |
Source: Ownwell