Rodney, Iowa Property Taxes
The median property tax rate in Rodney, IA is 1.21%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $34,694, the typical annual property tax bill in Rodney is $482, significantly below the national median of $2,690. Property taxes in Rodney are calculated based on the assessed value, which is often less than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Rodney'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 Rodney or another part of Monona County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rodney, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$420
Ownwell’s Rodney Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rodney with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rodney 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 Rodney, Iowa
Property taxes in Rodney, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rodney is 1.21%, which is higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Rodney set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rodney 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 Rodney's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51051 zip code has the highest median property tax rate of 1.21%, while the same zip code also has the lowest median tax rate of 1.21%. Understanding how these cities compare with Rodney provides valuable insights into the varying tax landscape across Monona County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rodney Tax Rate
1.21%
Average Monona County Tax Rate
1.30%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rodney, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51051 | 0.87% | 1.02% | 1.21% | 1.47% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Rodney, Iowa
In Rodney, 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 Monona 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 Rodney, 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 Rodney helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 51051 at $482, while the lowest is also 51051 at $482.
Average Rodney Assessed Value
$34,694
Average Monona County Assessed Value
$94,166
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rodney, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51051 | $5,943 | $11,212 | $34,694 | $81,863 | $232,449 |
Source: Ownwell
Property Tax Bills Across Rodney, Iowa
In Rodney, located in Monona County, IA, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. This value is then multiplied by the local tax rate to determine the annual tax bill. Homeowners in Rodney experience a range of property tax bills, with the 25th percentile at $236 and the 75th percentile at $1,038 annually. The highest median tax bill in the area is $482, which is significantly lower than the national median property tax rate of 0.99%. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. Lower property taxes can provide financial relief to homeowners, making Rodney an attractive place for those looking to minimize their annual expenses. However, it also means fewer funds for local services, which can impact community resources and infrastructure.
Average Rodney Tax Bill
$482
Average Monona County Tax Bill
$1,186
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Rodney, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51051 | $74 | $236 | $482 | $1,038 | $2,327 |
Source: Ownwell