Denmark, Iowa Property Taxes
The median property tax rate in Denmark, IA is 1.18%, which is higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Denmark at $95,955, the typical annual property tax bill reaches $1,206, falling below the national median of $2,690. Property taxes in Denmark 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 Denmark'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 Denmark 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
Denmark, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$1,132
Ownwell’s Denmark Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Denmark with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Denmark 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 Denmark, Iowa
Property taxes in Denmark, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Denmark is 1.18%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Denmark set these rates annually, and they can vary significantly across different neighborhoods. Each year, Denmark 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 Denmark's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52624 zip code has the highest median property tax rate of 1.18%, while the 52624 zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with Denmark provides valuable insights into the varying tax landscape across Lee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Denmark Tax Rate
1.18%
Average Lee County Tax Rate
1.57%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Denmark, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52624 | 1.03% | 1.12% | 1.18% | 1.26% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Denmark, Iowa
In Denmark, 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 Lee 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 Denmark, 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 Denmark helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 52624, with a tax bill of $1206, whereas the lowest median tax bill is also in zip code 52624, reflecting the same amount.
Average Denmark Assessed Value
$95,955
Average Lee County Assessed Value
$99,640
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Denmark, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52624 | $30,647 | $59,960 | $95,955 | $149,575 | $178,357 |
Source: Ownwell
Property Tax Bills Across Denmark, Iowa
In Denmark, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local property tax rate. For homeowners in Denmark, the median home price is $95,955. The tax bill varies significantly depending on the value of the property, with the 25th percentile tax bill at $650 and the 75th percentile reaching $1,761. At the higher end, the 90th percentile tax bill can go up to $2,137. Several factors influence these tax bills, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. These property taxes directly impact homeowners by increasing the overall cost of owning a home. Compared to the national median property tax rate of 0.99%, Denmark's property tax rates can vary, making it essential for homeowners to understand their specific tax obligations. The highest median tax bill in the area is $1,206, found in the zip code 52624.
Average Denmark Tax Bill
$1,206
Average Lee County Tax Bill
$1,604
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Denmark, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52624 | $306 | $650 | $1,206 | $1,761 | $2,137 |
Source: Ownwell