Winfield, Iowa Property Taxes
The median property tax rate in Winfield, IA is 1.16%, which is notably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $167,930 in Winfield, the typical annual property tax bill amounts to $2,164, falling below the national median of $2,690. Property taxes in Winfield are calculated based on the assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Winfield'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 Winfield or another part of Louisa County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Winfield, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$1,948
Ownwell’s Winfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Winfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Winfield 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 Winfield, Iowa
Property taxes in Winfield, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Winfield stands at 1.16%, which is notably higher than the U.S. national median of 0.99%. Local government entities within Winfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Winfield 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 Winfield's effective property tax rate to other areas in Iowa and the national median. For comparison, the zip code 52659 has the highest median property tax rate of 1.16%, while the same zip code also has the lowest median tax rate of 1.16%. Understanding how these areas compare with Winfield provides valuable insights into the varying tax landscape across Louisa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Winfield Tax Rate
1.16%
Average Louisa County Tax Rate
1.21%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Winfield, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52659 | 0.89% | 1.02% | 1.16% | 1.37% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Winfield, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Winfield, Iowa. The market value represents 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 authorities 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 Winfield, 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. For instance, the median home price in Winfield is $167,930, with annual tax bills ranging from $1,480 at the 25th percentile to $3,710 at the 90th percentile. The highest and lowest median tax bills are both $2,164, found in the 52659 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Winfield Assessed Value
$167,930
Average Louisa County Assessed Value
$108,425
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Winfield, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52659 | $88,800 | $133,990 | $167,930 | $234,868 | $323,450 |
Source: Ownwell
Property Tax Bills Across Winfield, Iowa
In Winfield, IA, property tax bills are determined by the assessed value of a home and the local tax rate. The assessed value is an estimate of the property's market value as determined by the county assessor. This value is then multiplied by the local tax rate to calculate the annual property tax bill. For homeowners in Winfield, the median home price is $167,930. Property tax bills can vary significantly, with the 25th percentile at $1,480 and the 75th percentile reaching $2,634. The 90th percentile sees tax bills as high as $3,710. These figures suggest that while many homeowners pay below the national median property tax rate of 0.99%, others may experience higher rates depending on their property's assessed value and specific tax rate. Understanding how these factors interplay helps homeowners anticipate their financial obligations and plan accordingly. High property taxes can impact affordability, while lower rates may make homeownership more accessible.
Average Winfield Tax Bill
$2,164
Average Louisa County Tax Bill
$1,366
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Winfield, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52659 | $926 | $1,480 | $2,164 | $2,634 | $3,710 |
Source: Ownwell