Albia, Iowa Property Taxes
The median property tax rate in Albia, IA is 1.61%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Albia at $104,735, the typical annual property tax bill reaches $1,640, which is below the national median of $2,690. Property taxes in Albia are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Albia'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 Albia 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
Albia, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.61%
Estimate Property Tax Bill
$1,686
Ownwell’s Albia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Albia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Albia 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 Albia, Iowa
Property taxes in Albia, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Albia is 1.61%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Albia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Albia 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 Albia's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 52531 has the highest median property tax rate of 1.61%, while the same zip code also has the lowest median tax rate of 1.61%. Understanding how these cities compare with Albia provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albia Tax Rate
1.61%
Average Monroe County Tax Rate
1.39%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albia, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52531 | 1.12% | 1.24% | 1.61% | 1.82% | 1.98% |
Source: Ownwell
Property Tax Assessment Values Across Albia, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Albia, Iowa. 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 Monroe 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 Albia, 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 Albia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Albia, the median home price is $104,735, with annual property tax bills ranging from $954 at the 25th percentile to $3,824 at the 90th percentile. The zip code 52531 has both the highest and lowest median tax bill of $1,640.
Average Albia Assessed Value
$104,735
Average Monroe County Assessed Value
$86,560
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albia, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52531 | $27,987 | $59,360 | $104,735 | $168,962 | $268,713 |
Source: Ownwell
Property Tax Bills Across Albia, Iowa
In Albia, Monroe County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Homeowners in Albia experience a range of property tax bills, with the 25th percentile paying around $954 and the 75th percentile facing bills as high as $2,570. For those in the 90th percentile, tax bills can reach up to $3,824. The median home price in Albia is $104,735, and the property tax rate is compared to the national median property tax rate of 0.99%. Factors such as property improvements, market trends, and local government budgets can influence the assessed value and, consequently, the tax bill. For homeowners, understanding these factors is crucial as they directly impact annual expenses and long-term financial planning.
Average Albia Tax Bill
$1,640
Average Monroe County Tax Bill
$1,330
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Albia, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52531 | $409 | $954 | $1,640 | $2,570 | $3,824 |
Source: Ownwell