Fairfax, Iowa Property Taxes
The median property tax rate in Fairfax, IA is 1.71%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Fairfax, the typical annual property tax bill reaches $3,942, exceeding the national median of $2,690. Property taxes in Fairfax 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 Fairfax'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 Fairfax 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
Fairfax, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.71%
Estimate Property Tax Bill
$3,986
Ownwell’s Fairfax Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairfax with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairfax 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 Fairfax, Iowa
Property taxes in Fairfax, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairfax is 1.71%, significantly higher than the U.S. national median of 0.99%. Local government entities within Fairfax set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairfax 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 Fairfax's effective property tax rate to other regions in Iowa and the national median. For comparison, the zip code 52228 has the same median property tax rate of 1.71%, highlighting the uniformity in tax rates within the area. Understanding how these cities compare with Fairfax provides valuable insights into the varying tax landscape across Linn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairfax Tax Rate
1.71%
Average Linn County Tax Rate
1.84%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairfax, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52228 | 1.56% | 1.68% | 1.71% | 1.75% | 1.77% |
Source: Ownwell
Property Tax Assessment Values Across Fairfax, Iowa
In Fairfax, 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 Linn County 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 Fairfax, 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. For example, the median home price in Fairfax is $233,100, with tax bills ranging from $2,904 at the 25th percentile to $5,190 at the 75th percentile, and reaching $6,232 at the 90th percentile. The highest and lowest median tax bills are both $3,942 in zip code 52228. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Fairfax Assessed Value
$233,100
Average Linn County Assessed Value
$173,500
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairfax, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52228 | $128,400 | $173,000 | $233,100 | $299,900 | $353,080 |
Source: Ownwell
Property Tax Bills Across Fairfax, Iowa
In Fairfax, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $233,100, homeowners can expect varying tax bills depending on their property's specific assessed value and applicable exemptions. Factors such as property improvements, neighborhood developments, and market trends can influence the assessed value. Homeowners in Fairfax typically see tax bills ranging from $2,904 at the 25th percentile to $5,190 at the 75th percentile, with the 90th percentile reaching up to $6,232. Compared to the national median property tax rate of 0.99%, Fairfax's rates reflect the local economic conditions and funding needs for public services. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly, ensuring they can manage their property taxes effectively.
Average Fairfax Tax Bill
$3,942
Average Linn County Tax Bill
$3,328
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairfax, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52228 | $2,185 | $2,904 | $3,942 | $5,190 | $6,232 |
Source: Ownwell