Glenwood, Iowa Property Taxes
The median property tax rate in Glenwood, IA is 1.63%, significantly higher than both the national median of 0.99% and Iowa's state median of 1.54%. With a median home value of $241,236 in Glenwood, the typical annual property tax bill reaches $3,798, well above the national median of $2,690. Property taxes in Glenwood are calculated based on the assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Glenwood's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Glenwood or another part of Mills County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Glenwood, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.63%
Estimate Property Tax Bill
$3,932
Ownwell’s Glenwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Glenwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Glenwood 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 Glenwood, Iowa
Property taxes in Glenwood, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Glenwood is 1.63%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Glenwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Glenwood 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 Glenwood's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51534 zip code has the highest median property tax rate of 1.63%, while the same zip code has the lowest median tax rate of 1.63%. Understanding how these cities compare with Glenwood provides valuable insights into the varying tax landscape across Mills County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Glenwood Tax Rate
1.63%
Average Mills County Tax Rate
1.36%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Glenwood, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51534 | 1.23% | 1.28% | 1.63% | 1.77% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across Glenwood, Iowa
In Glenwood, 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 Mills 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 Glenwood, 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 Glenwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Glenwood's highest median tax bill is $3,798 in the 51534 zip code, which is significantly above the national median property tax rate of 0.99%.
Average Glenwood Assessed Value
$241,236
Average Mills County Assessed Value
$206,856
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Glenwood, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51534 | $112,151 | $172,758 | $241,236 | $389,912 | $511,818 |
Source: Ownwell
Property Tax Bills Across Glenwood, Iowa
In Glenwood, Mills County, IA, property tax bills are calculated based on the assessed value of a home, not its market value. The assessed value is determined by the county assessor and reflects the property's worth for tax purposes. Homeowners in Glenwood face varying property tax bills, with the 25th percentile paying around $2,771 and the 75th percentile paying approximately $5,296. The top 10% of property tax bills can reach up to $6,918. These figures are influenced by the local tax rate, which is applied to the assessed value of the property. Compared to the national median property tax rate of 0.99%, Glenwood's property tax rates can significantly impact homeowners, particularly those with higher-valued properties. The median home price in Glenwood is $241,236, meaning many residents could see substantial tax bills. Understanding how these taxes are calculated and the factors involved can help homeowners better manage their financial planning and obligations.
Average Glenwood Tax Bill
$3,798
Average Mills County Tax Bill
$3,154
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Glenwood, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51534 | $1,650 | $2,771 | $3,798 | $5,296 | $6,918 |
Source: Ownwell