Harvey, Iowa Property Taxes
The median property tax rate in Harvey, IA is 1.32%, considerably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Harvey, the typical annual property tax bill reaches $840, significantly lower than the national median of $2,690. Property taxes in Harvey 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 Harvey'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 Harvey 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
Harvey, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.32%
Estimate Property Tax Bill
$969
Ownwell’s Harvey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Harvey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Harvey 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 Harvey, Iowa
Property taxes in Harvey, Iowa, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Harvey is 1.32%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Harvey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Harvey 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 Harvey's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50119 zip code has both the highest and lowest median property tax rate of 1.32%. Understanding how these cities compare with Harvey provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Harvey Tax Rate
1.32%
Average Marion County Tax Rate
1.40%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Harvey, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50119 | 0.96% | 1.16% | 1.32% | 1.51% | 1.59% |
Source: Ownwell
Property Tax Assessment Values Across Harvey, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Harvey, Iowa. 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 Marion County Assessor 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 Harvey, 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 instance, the zip code 50119 has the highest median tax bill, standing at $840. 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 Harvey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Harvey Assessed Value
$73,430
Average Marion County Assessed Value
$185,955
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Harvey, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50119 | $7,764 | $24,540 | $73,430 | $127,770 | $257,458 |
Source: Ownwell
Property Tax Bills Across Harvey, Iowa
In Harvey, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is determined by the county assessor and is typically a percentage of the property's market value. For example, a median home price in Harvey is $73,430. Factors such as property size, location, and improvements can influence this assessed value. Homeowners in Harvey can expect a wide range of tax bills. For instance, the 25th percentile tax bill is around $304, while the 75th percentile tax bill reaches $1,672. At the higher end, the 90th percentile tax bill is approximately $3,210. These figures indicate a significant variation based on property characteristics and assessed values. Compared to the national median property tax rate of 0.99%, the property taxes in Harvey can be quite variable, affecting homeowners differently. Understanding these factors can help homeowners anticipate their tax obligations and plan accordingly.
Average Harvey Tax Bill
$840
Average Marion County Tax Bill
$2,660
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Harvey, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50119 | $101 | $304 | $840 | $1,672 | $3,210 |
Source: Ownwell