Grant, Iowa Property Taxes
The median property tax rate in Grant, IA is 2.06%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Grant, the typical annual property tax bill reaches $294, which is significantly lower than the national median of $2,690. Property taxes in Grant are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Grant'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 Grant 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
Grant, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.06%
Estimate Property Tax Bill
$302
Ownwell’s Grant Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Grant with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Grant to provide an estimated property tax bill. This valuable tool helps you understand your potential tax liabilities. If you’re curious about trends at a more localized level, scroll down to discover detailed neighborhood information. Your property’s assessed value is determined by the county for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Grant, Iowa
Property taxes in Grant, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grant is 1.37%, higher than both the Iowa state median of 1.29% and the U.S. national median of 0.99%. Local government entities within Grant set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grant 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 Grant's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50847 zip code has the highest median property tax rate of 1.37%, while the same zip code also has the lowest median tax rate of 1.37%. Understanding how these cities compare with Grant provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grant Tax Rate
2.06%
Average Montgomery County Tax Rate
1.71%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grant, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50847 | 1.13% | 1.48% | 2.06% | 2.34% | 2.49% |
Source: Ownwell
Property Tax Assessment Values Across Grant, Iowa
In Grant, 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 local 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 Grant, 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 Grant helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the median home price in Grant is $14,640, with tax bills ranging from $82 at the 25th percentile to $901 at the 90th percentile. The zip code 50847 has the highest and lowest median tax bill of $294.
Average Grant Assessed Value
$14,640
Average Montgomery County Assessed Value
$96,860
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grant, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50847 | $2,178 | $4,795 | $14,640 | $33,665 | $48,791 |
Source: Ownwell
Property Tax Bills Across Grant, Iowa
In Grant, located in Montgomery County, IA, property tax bills are calculated based on the assessed value of a home, which is often a percentage of the market value. The median home price in Grant is $14,640. Property taxes are determined by multiplying the assessed value by the local tax rate. Various factors influence the final tax bill, including the property's size, location, and any applicable exemptions. For homeowners in Grant, the tax burden can vary significantly. The 25th percentile tax bill is around $82, while the 75th percentile reaches up to $532. The 90th percentile tax bill can be as high as $901. Comparing these figures to the national median property tax rate of 0.99%, Grant's property tax bills are relatively low. However, these taxes can still impact homeowners, influencing their annual budgeting and long-term financial planning. Understanding how these factors play into the overall tax bill is crucial for homeowners to manage their expenses effectively.
Average Grant Tax Bill
$294
Average Montgomery County Tax Bill
$1,611
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Grant, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50847 | $42 | $82 | $294 | $532 | $901 |
Source: Ownwell