Fort Madison, Iowa Property Taxes
The median property tax rate in Fort Madison, IA is 1.66%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Fort Madison at $92,560, the typical annual property tax bill reaches $1,512, which exceeds the national median of $2,690. Property taxes in Fort Madison 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 Fort Madison'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 Fort Madison 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
Fort Madison, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.66%
Estimate Property Tax Bill
$1,536
Ownwell’s Fort Madison Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fort Madison with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fort Madison 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 Fort Madison, Iowa
Property taxes in Fort Madison, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fort Madison is 1.66%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Fort Madison set these rates annually, and they can vary across different neighborhoods. Each year, Fort Madison 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. For comparison, the zip code 52627 in Fort Madison has both the highest and lowest median property tax rate of 1.66%. Understanding how these figures compare with other regions 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 Fort Madison Tax Rate
1.66%
Average Lee County Tax Rate
1.57%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fort Madison, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52627 | 1.11% | 1.39% | 1.66% | 1.87% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Fort Madison, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Fort Madison, 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 local 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 Fort Madison, 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 Fort Madison helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Fort Madison is $92,560, with the 25th percentile tax bill at $950 and the 75th percentile at $2,290. The highest and lowest median tax bills, both at $1,512, are found in the 52627 zip code.
Average Fort Madison Assessed Value
$92,560
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 Fort Madison, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52627 | $30,700 | $56,725 | $92,560 | $146,430 | $237,940 |
Source: Ownwell
Property Tax Bills Across Fort Madison, Iowa
In Fort Madison, located in Lee County, IA, property tax bills are determined by assessing the value of a property and applying the local tax rate to this assessed value. The assessed value is a percentage of the property's market value, which is determined by the local assessor's office. Homeowners can expect a range of tax bills depending on their property's assessed value and the specific tax rate applied. For instance, the median home price in Fort Madison is $92,560. Property tax bills can vary significantly, with the 25th percentile paying around $950 annually, while those in the 75th percentile see bills closer to $2,290. The highest tax bills in the 90th percentile can reach up to $3,301. Compared to the national median property tax rate of 0.99%, Fort Madison's tax rates can result in varied financial impacts on homeowners, influencing their overall cost of living. Understanding these factors is crucial for homeowners to budget effectively and anticipate their annual tax obligations.
Average Fort Madison Tax Bill
$1,512
Average Lee County Tax Bill
$1,604
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Fort Madison, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52627 | $507 | $950 | $1,512 | $2,290 | $3,301 |
Source: Ownwell