Plymouth, Iowa Property Taxes
The median property tax rate in Plymouth, IA is 1.17%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Plymouth at $388,610, the typical annual property tax bill reaches $4,780, significantly exceeding the national median of $2,690. Property taxes in Plymouth are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Plymouth'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 Plymouth or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Plymouth, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$4,547
Ownwell’s Plymouth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Plymouth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Plymouth 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 Plymouth, Iowa
Property taxes in Plymouth, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Plymouth is 1.17%, significantly higher than both the Iowa state median of 1.53% and the U.S. national median of 0.99%. Local government entities within Plymouth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Plymouth 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 Plymouth's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50464 zip code has the highest median property tax rate of 1.17%, while the same zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Plymouth 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 Plymouth Tax Rate
1.17%
Average Mitchell County Tax Rate
1.25%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Plymouth, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50464 | 1.10% | 1.13% | 1.17% | 1.21% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Plymouth, Iowa
In Plymouth, 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 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 Plymouth, 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 Plymouth is $388,610, and tax bills can vary significantly. For example, the 25th percentile tax bill is $3,917, while the 75th percentile tax bill is $4,874. The highest and lowest median tax bills are both $4,780, associated with zip code 50464. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Plymouth Assessed Value
$388,610
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 Plymouth, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50464 | $209,221 | $313,472 | $388,610 | $412,938 | $425,731 |
Source: Ownwell
Property Tax Bills Across Plymouth, Iowa
In Plymouth, Mitchell County, IA, 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 tax bill. The median home price in Plymouth is $388,610, and the property tax rate is influenced by various factors, including local government budgets and school district funding needs. Homeowners in Plymouth can expect their tax bills to vary significantly. At the 25th percentile, tax bills are around $3,917, while at the 75th percentile, they can reach up to $4,874. For those at the 90th percentile, tax bills can be as high as $4,935. These figures highlight the range of property tax burdens homeowners might face, influenced by the specific assessed value of their property and the local tax rate. Comparatively, the national median property tax rate is 0.99%, making it important for Plymouth homeowners to understand how local rates and assessed values impact their overall tax responsibilities.
Average Plymouth Tax Bill
$4,780
Average Mitchell County Tax Bill
$1,776
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Plymouth, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50464 | $2,472 | $3,917 | $4,780 | $4,874 | $4,935 |
Source: Ownwell