University Park, Iowa Property Taxes
The median property tax rate in University Park, IA is 1.18%, which is considerably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $103,615 in University Park, the typical annual property tax bill reaches $1,264, still below the national median of $2,690. Property taxes in University Park are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding University Park'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 University Park or another part of Mahaska County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
University Park, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$1,223
Ownwell’s University Park Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in University Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in University Park 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 University Park, Iowa
Property taxes in University Park, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in University Park is 1.18%, higher than the U.S. national median of 0.99%. Local government entities within University Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, University Park 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 University Park's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52595 zip code has both the highest and the lowest median property tax rate of 1.18%. Understanding how these cities compare with University Park provides valuable insights into the varying tax landscape across Mahaska County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average University Park Tax Rate
1.18%
Average Mahaska County Tax Rate
1.54%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across University Park, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52595 | 1.01% | 1.06% | 1.18% | 1.34% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across University Park, Iowa
Understanding the distinction between "market value" and "assessed value" is essential for grasping property taxes in University Park, IA. The market value represents the price a willing buyer would pay a willing seller in an open market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Mahaska County Appraisal District for tax purposes. Conversely, 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 multiplied by the combined tax rates of all relevant taxing entities to calculate your property taxes. In University Park, 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 University Park is $103,615. The tax bill at the 25th percentile is $868, while the 75th percentile sees a tax bill of $1,632, and the 90th percentile reaches $2,008. Notably, the highest and lowest median tax bills in the area are both $1,264, found in the 52595 zip code. Understanding these valuation concepts helps property owners navigate their tax responsibilities, identify opportunities for protesting assessments, or apply for exemptions to manage their tax burden effectively.
Average University Park Assessed Value
$103,615
Average Mahaska County Assessed Value
$125,860
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across University Park, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52595 | $39,566 | $68,612 | $103,615 | $144,098 | $187,491 |
Source: Ownwell
Property Tax Bills Across University Park, Iowa
In University Park, property tax bills are determined by the assessed value of your home, which is a percentage of its market value. The median home price in University Park is $103,615. Property tax rates in Mahaska County are applied to this assessed value to calculate your annual tax bill. For example, a homeowner in the 25th percentile can expect a tax bill of around $868, while those in the 75th percentile may see a bill closer to $1,632. The 90th percentile tax bill can reach up to $2,008. These tax bills are influenced by various factors such as local government budgets, school funding needs, and infrastructure projects. The highest median tax bill in the area is $1,264, which is relatively moderate compared to the national median property tax rate of 0.99%. For homeowners, this means that property taxes in University Park are manageable but can vary significantly based on the specific assessed value of their property and local fiscal requirements.
Average University Park Tax Bill
$1,264
Average Mahaska County Tax Bill
$1,886
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across University Park, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52595 | $572 | $868 | $1,264 | $1,632 | $2,008 |
Source: Ownwell