Mallard, Iowa Property Taxes
The median property tax rate in Mallard, IA is 1.00%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $87,310 in Mallard, the typical annual property tax bill is $794, which is significantly below the national median of $2,690. Property taxes in Mallard are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Mallard'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 Mallard 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
Mallard, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$873
Ownwell’s Mallard Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Mallard using just two key data points. By inputting your property's estimated assessed value, the calculator applies the median tax rate in Mallard to provide an accurate estimate of your property tax bill. This valuable tool offers clear insight into potential tax liabilities, helping you make informed financial decisions. For those interested in more granular data, localized information is available further down the page. Your property’s assessed value is the figure assigned by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Mallard, Iowa
Property taxes in Mallard, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mallard is 1.00%, which is higher than the U.S. national median of 0.99%. Local government entities within Mallard set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mallard 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 Mallard's effective property tax rate to other areas in Iowa and the national median. For comparison, the 50562 zip code has both the highest and lowest median property tax rate of 1.00%. Understanding how these areas compare with Mallard provides valuable insights into the varying tax landscape across Palo Alto County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mallard Tax Rate
1.00%
Average Palo Alto County Tax Rate
1.26%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mallard, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50562 | 0.68% | 0.83% | 1.00% | 1.18% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Mallard, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mallard, 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 Palo Alto 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 Mallard, 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 Mallard helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill is $794 in zip code 50562, and the lowest median tax bill is also $794 in the same zip code.
Average Mallard Assessed Value
$87,310
Average Palo Alto County Assessed Value
$111,265
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mallard, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50562 | $25,055 | $40,678 | $87,310 | $154,638 | $242,168 |
Source: Ownwell
Property Tax Bills Across Mallard, Iowa
In Mallard, Palo Alto County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Homeowners in Mallard can expect a property tax rate that aligns with the national median of 0.99%, though local rates and levies can vary. Several factors influence the final tax bill, including the property's location, its assessed value, and applicable exemptions or deductions. For instance, the median home price in Mallard is $87,310. Homeowners at the 25th percentile pay around $422 annually, while those at the 75th percentile face a tax bill of approximately $1,588. The top 10% of tax bills can reach up to $2,474. These tax bills directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Understanding how these factors interplay can help homeowners anticipate their annual property tax obligations and manage their finances accordingly.
Average Mallard Tax Bill
$794
Average Palo Alto County Tax Bill
$1,364
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Mallard, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50562 | $221 | $422 | $794 | $1,588 | $2,474 |
Source: Ownwell