Woodburn, Iowa Property Taxes
The median property tax rate in Woodburn, Iowa is 1.28%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $136,176, the typical annual property tax bill in Woodburn amounts to $2,190, falling short of the national median of $2,690. Property taxes here are calculated based on the assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. By understanding Woodburn's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you're in the heart of Woodburn or another part of the city, gaining insights into the local property tax structure will prove beneficial.
Last Updated June 14, 2024
Woodburn, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.28%
Estimate Property Tax Bill
$1,743
Ownwell’s Woodburn Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Woodburn with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Woodburn to project your property tax bill. This valuable tool offers clarity on potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. The assessed value of your property is determined by Lucas County for tax purposes, considering any applicable exemptions.
Property Tax Rates Across Woodburn, Iowa
Property taxes in Woodburn, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woodburn is 1.28%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Woodburn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woodburn 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 Woodburn's effective property tax rate to other areas in Iowa and the national median. For comparison, the zip code 50275 has the highest median property tax rate of 1.28%, while the same zip code also has the lowest median tax rate of 1.28%. Understanding how these areas compare with Woodburn provides valuable insights into the varying tax landscape across Lucas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Woodburn Tax Rate
1.28%
Average Lucas County Tax Rate
1.47%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Woodburn, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50275 | 1.07% | 1.15% | 1.28% | 1.48% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Woodburn, Iowa
In Woodburn, 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 Lucas 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 Woodburn, 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 Woodburn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2,190 in the 50275 zip code, which highlights the importance of understanding your property tax assessments.
Average Woodburn Assessed Value
$136,176
Average Lucas County Assessed Value
$94,795
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Woodburn, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50275 | $86,782 | $107,682 | $136,176 | $217,034 | $234,495 |
Source: Ownwell
Property Tax Bills Across Woodburn, Iowa
In Woodburn, property tax bills are calculated based on the assessed value of a homeowner's property, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors influencing the tax bill include the property's market value, any applicable exemptions, and the specific tax rate set by the local government. For homeowners in Woodburn, the median home price is $136,176. At the 25th percentile, property tax bills are around $1,165, while at the 75th percentile, they rise to approximately $2,943. At the 90th percentile, homeowners might see tax bills as high as $3,242. These figures highlight the variability in tax bills depending on property value and other factors. Comparatively, the national median property tax rate stands at 0.99%, offering a benchmark for understanding how local rates compare. Higher property taxes can impact homeowners by increasing the cost of homeownership, while lower taxes can provide financial relief.
Average Woodburn Tax Bill
$2,190
Average Lucas County Tax Bill
$1,460
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Woodburn, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50275 | $830 | $1,165 | $2,190 | $2,943 | $3,242 |
Source: Ownwell