Prairie City, Iowa Property Taxes
The median property tax rate in Prairie City, IA is 1.17%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $205,085, the typical annual property tax bill in Prairie City reaches $2,493, just below the national median of $2,690. Property taxes here are calculated based on the assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Prairie City'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 Prairie City or another part of Marion County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Prairie City, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$2,399
Ownwell’s Prairie City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prairie City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prairie City 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 Prairie City, Iowa
Property taxes in Prairie City, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prairie City is 1.17%, which is higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Prairie City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prairie City 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 Prairie City's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50228 zip code has the highest median property tax rate of 1.17%, while the 50228 zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Prairie City 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 Prairie City Tax Rate
1.17%
Average Marion County Tax Rate
1.40%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prairie City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50228 | 0.95% | 1.08% | 1.17% | 1.23% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Prairie City, Iowa
In Prairie City, 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 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 Prairie City, 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 Prairie City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 50228 has the highest median tax bill at $2,493, which is also the lowest median tax bill in the area.
Average Prairie City Assessed Value
$205,085
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 Prairie City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50228 | $59,180 | $132,115 | $205,085 | $356,472 | $402,485 |
Source: Ownwell
Property Tax Bills Across Prairie City, Iowa
In Prairie City, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the home's market value, location, and any improvements or modifications made to the property. For homeowners in Prairie City, the median home price is $205,085. The tax bill can vary significantly, with the 25th percentile paying around $1,783 and the 75th percentile paying approximately $3,021. At the 90th percentile, the tax bill can reach up to $4,480. The highest and lowest median tax bills in the area are both $2,493, located in the 50228 zip code. These property taxes play a crucial role in funding local services such as public schools, infrastructure, and emergency services. For homeowners, understanding how these taxes are calculated can help in financial planning and ensuring they are prepared for their annual tax obligations.
Average Prairie City Tax Bill
$2,493
Average Marion County Tax Bill
$2,660
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Prairie City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50228 | $748 | $1,783 | $2,493 | $3,021 | $4,480 |
Source: Ownwell