Baxter, Iowa Property Taxes
The median property tax rate in Baxter, IA is 1.27%, which is higher than both the national median of 0.99% and the Iowa state median of 1.54%. With a median home value of $203,720 in Baxter, the typical annual property tax bill reaches $2,986, surpassing the national median of $2,690. Property taxes in Baxter are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Baxter'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 Baxter 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
Baxter, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.27%
Estimate Property Tax Bill
$2,587
Ownwell’s Baxter Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Baxter with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Baxter 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 Baxter, Iowa
Property taxes in Baxter, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Baxter is 1.27%, higher than the U.S. national median of 0.99%. Local government entities within Baxter set these rates annually, and they can vary significantly across different neighborhoods. Each year, Baxter 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 Baxter's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50028 zip code has the highest median property tax rate of 1.27%, while the same zip code also has the lowest median tax rate of 1.27%. Understanding how these cities compare with Baxter provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Baxter Tax Rate
1.27%
Average Marshall County Tax Rate
1.58%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Baxter, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50028 | 1.14% | 1.19% | 1.27% | 1.37% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Baxter, Iowa
In Baxter, 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 Marshall 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 Baxter, 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 Baxter helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Baxter is $2986.00 in the zip code 50028, while the lowest is also $2986.00 in the same zip code.
Average Baxter Assessed Value
$203,720
Average Marshall County Assessed Value
$128,210
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Baxter, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50028 | $172,376 | $184,130 | $203,720 | $309,200 | $372,488 |
Source: Ownwell
Property Tax Bills Across Baxter, Iowa
In Baxter, IA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This assessed value is then multiplied by the tax rate set by local taxing authorities to determine the annual tax bill. Various factors such as property size, location, and market conditions influence the assessed value. For homeowners in Baxter, this means that property taxes can vary significantly. For example, the tax bill at the 25th percentile is $2,399, while at the 75th percentile, it rises to $4,127. At the 90th percentile, homeowners can expect to pay around $4,812. These figures are notably higher than the national median property tax rate of 0.99%, reflecting the specific economic and real estate conditions in Baxter. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan their finances accordingly.
Average Baxter Tax Bill
$2,986
Average Marshall County Tax Bill
$1,909
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Baxter, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50028 | $2,047 | $2,399 | $2,986 | $4,127 | $4,812 |
Source: Ownwell