Keokuk, Iowa Property Taxes
The median property tax rate in Keokuk, IA is 2.01%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Keokuk, the typical annual property tax bill reaches $1,504, exceeding the national median of $2,690. Property taxes in Keokuk 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 Keokuk'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 Keokuk 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
Keokuk, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.01%
Estimate Property Tax Bill
$1,571
Ownwell’s Keokuk Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Keokuk with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Keokuk 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 Keokuk, Iowa
Property taxes in Keokuk, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Keokuk is 2.01%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Keokuk set these rates annually, and they can vary significantly across different neighborhoods. Each year, Keokuk 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 Keokuk's effective property tax rate to other areas in Iowa and the national median. For comparison, the zip code 52632 has both the highest and lowest median property tax rate of 2.01%. Understanding how these areas compare with Keokuk 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 Keokuk Tax Rate
2.01%
Average Lee County Tax Rate
1.57%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Keokuk, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52632 | 1.28% | 1.61% | 2.01% | 2.27% | 2.38% |
Source: Ownwell
Property Tax Assessment Values Across Keokuk, Iowa
In Keokuk, 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 Keokuk, 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. The median home price in Keokuk is $78,150, with tax bills ranging from $838 at the 25th percentile to $3,802 at the 90th percentile. The zip code with the highest and lowest median tax bill is 52632, with a median tax bill of $1,504. By understanding 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 Keokuk helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Keokuk Assessed Value
$78,150
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 Keokuk, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52632 | $22,908 | $42,830 | $78,150 | $132,732 | $224,282 |
Source: Ownwell
Property Tax Bills Across Keokuk, Iowa
In Keokuk, property tax bills are calculated based on the assessed value of a home, which is determined by the Lee County Assessor's Office. The assessed value is a percentage of the property's market value, and local tax rates are then applied to this assessed value to determine the tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions. Homeowners in Keokuk face varying tax bills. For example, the tax bill at the 25th percentile is around $838, while at the 75th percentile, it rises to approximately $2,446. The 90th percentile sees tax bills as high as $3,802. The median home price in the area is $78,150, contributing to the overall tax calculation. Compared to the national median property tax rate of 0.99%, homeowners in Keokuk experience a range of tax burdens. Understanding these factors helps homeowners anticipate their annual property tax expenses and plan their finances accordingly.
Average Keokuk Tax Bill
$1,504
Average Lee County Tax Bill
$1,604
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Keokuk, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52632 | $442 | $838 | $1,504 | $2,446 | $3,802 |
Source: Ownwell