Walcott, Iowa Property Taxes
The median property tax rate in Walcott, IA is 1.40%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Walcott, the typical annual property tax bill reaches $3,934, exceeding the national median of $2,690. Property taxes in Walcott are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Walcott’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 Walcott 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
Walcott, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$3,872
Ownwell’s Walcott Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Walcott with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walcott 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 Walcott, Iowa
Property taxes in Walcott, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Walcott is 1.40%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Walcott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walcott 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 Walcott's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52773 zip code has the highest median property tax rate of 1.40%, while the 52773 zip code also has the lowest median tax rate of 1.40%. Understanding how these cities compare with Walcott provides valuable insights into the varying tax landscape across Muscatine County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Walcott Tax Rate
1.40%
Average Muscatine County Tax Rate
1.67%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walcott, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52773 | 1.35% | 1.36% | 1.40% | 1.48% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Walcott, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Walcott, IA. 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 Muscatine 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 Walcott, 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. For example, the highest median tax bill in the area is $3,934 in zip code 52773, which is also the lowest median tax bill. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Walcott Assessed Value
$276,580
Average Muscatine County Assessed Value
$148,385
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Walcott, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52773 | $179,426 | $222,148 | $276,580 | $297,952 | $348,726 |
Source: Ownwell
Property Tax Bills Across Walcott, Iowa
In Walcott, located in Muscatine County, IA, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the market value of the property, which is determined by the county assessor. Various factors such as property size, location, and improvements can influence this assessed value. For homeowners in Walcott, the property tax rate is a crucial element in calculating their annual tax bill. The median home price in Walcott stands at $276,580. Tax bills can vary widely; for instance, the 25th percentile tax bill is $3,265, while the 75th percentile reaches $4,300, and the 90th percentile can be as high as $5,008. These figures indicate that homeowners in Walcott may face higher property tax bills compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners budget more effectively and anticipate their annual property tax obligations.
Average Walcott Tax Bill
$3,934
Average Muscatine County Tax Bill
$2,396
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Walcott, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52773 | $2,433 | $3,265 | $3,934 | $4,300 | $5,008 |
Source: Ownwell