Inwood, Iowa Property Taxes
The median property tax rate in Inwood, IA is 0.98%, slightly below the national median of 0.99% but significantly lower than the Iowa state median of 1.54%. With the median home value in Inwood at $201,985, the typical annual property tax bill amounts to $1,900, which is less than the national median of $2,690. Property taxes in Inwood are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Inwood'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 Inwood or another part of Lyon County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Inwood, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$1,979
Ownwell’s Inwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Inwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Inwood 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 Inwood, Iowa
Property taxes in Inwood, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Inwood is 0.98%, which is slightly below the U.S. national median of 0.99%. Local government entities within Inwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Inwood 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 Inwood's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 51240 has both the highest and lowest median property tax rate of 0.98%. Understanding how these cities compare with Inwood provides valuable insights into the varying tax landscape across Lyon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Inwood Tax Rate
0.98%
Average Lyon County Tax Rate
1.03%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Inwood, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51240 | 0.77% | 0.82% | 0.98% | 1.04% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Inwood, Iowa
In Inwood, 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 Lyon 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 Inwood, 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 Inwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 51240 has the same value for the highest and lowest median tax bill at $1,900.
Average Inwood Assessed Value
$201,985
Average Lyon County Assessed Value
$190,560
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Inwood, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51240 | $81,000 | $137,155 | $201,985 | $316,435 | $495,939 |
Source: Ownwell
Property Tax Bills Across Inwood, Iowa
In Inwood, Lyon County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Inwood is $201,985. The tax rate applied to this assessed value is a key factor in determining the final tax bill. For instance, the national median property tax rate is 0.99%, which provides a benchmark for comparison. Homeowners in Inwood can expect their tax bills to vary widely. At the 25th percentile, the tax bill is around $1,280, while at the 75th percentile, it rises to $2,946. Those in the 90th percentile face tax bills as high as $4,280. The highest and lowest median tax bills in the area are both $1,900, indicating some consistency in the tax rates across different properties. These tax bills directly affect homeowners by influencing their annual expenses and the overall affordability of owning property in Inwood. Understanding these factors can help homeowners better manage their budgets and anticipate future financial commitments.
Average Inwood Tax Bill
$1,900
Average Lyon County Tax Bill
$1,868
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Inwood, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51240 | $766 | $1,280 | $1,900 | $2,946 | $4,280 |
Source: Ownwell