Grafton, Iowa Property Taxes
The median property tax rate in Grafton, IA is 0.97%, slightly lower than the national median of 0.99% and significantly below the Iowa state median of 1.54%. With a median home value in Grafton of $69,740, the typical annual property tax bill amounts to $676, well under the national median of $2,690. Property taxes in Grafton are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Grafton'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 Grafton 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
Grafton, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$676
Ownwell’s Grafton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grafton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grafton 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 Grafton, Iowa
Property taxes in Grafton, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grafton is 0.97%, slightly below the U.S. national median of 0.99%. Local government entities within Grafton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grafton 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 Grafton's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50440 zip code has the highest median property tax rate of 0.97%, while the same zip code also has the lowest median tax rate of 0.97%. Understanding how these cities compare with Grafton provides valuable insights into the varying tax landscape across Mitchell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grafton Tax Rate
0.97%
Average Mitchell County Tax Rate
1.25%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grafton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50440 | 0.97% | 0.97% | 0.97% | 0.97% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Grafton, Iowa
In Grafton, 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 Mitchell 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 Grafton, 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. The median home price in Grafton is $69,740, with the median tax bill across different percentiles being consistent at $676. The zip code 50440 has both the highest and lowest median tax bills at $676. 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 Grafton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Grafton Assessed Value
$69,740
Average Mitchell County Assessed Value
$146,070
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grafton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50440 | $69,740 | $69,740 | $69,740 | $69,740 | $69,740 |
Source: Ownwell
Property Tax Bills Across Grafton, Iowa
In Grafton, Mitchell County, IA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the property's market value and apply an assessment ratio. Homeowners in Grafton see a median home price of $69,740, with property tax bills commonly around $676, regardless of the home's value percentile. This uniformity indicates a consistent assessment and tax rate across different property values within the area. The property tax bill is influenced by several factors, including the local tax rate and any applicable exemptions or deductions. For homeowners, this means that property taxes can significantly impact their annual budget. Compared to the national median property tax rate of 0.99%, Grafton's tax rate results in a relatively moderate tax burden for its residents. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Grafton Tax Bill
$676
Average Mitchell County Tax Bill
$1,776
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Grafton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50440 | $676 | $676 | $676 | $676 | $676 |
Source: Ownwell