Westphalia, Iowa Property Taxes
The median property tax rate in Westphalia, IA is 1.39%, which is higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Westphalia at $83,426, the typical annual property tax bill is $1,244, surpassing the national median of $2,690. Property taxes in Westphalia are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Westphalia'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 Westphalia 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
Westphalia, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.39%
Estimate Property Tax Bill
$1,160
Ownwell’s Westphalia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Westphalia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Westphalia 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 Westphalia, Iowa
Property taxes in Westphalia, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Westphalia is 1.39%, significantly higher than the U.S. national median of 0.99%. Local government entities within Westphalia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Westphalia 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 Westphalia's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51578 zip code has the highest median property tax rate of 1.39%, while the same 51578 zip code also has the lowest median tax rate of 1.39%. Understanding how these cities compare with Westphalia provides valuable insights into the varying tax landscape across Shelby County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Westphalia Tax Rate
1.39%
Average Shelby County Tax Rate
1.30%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Westphalia, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51578 | 1.11% | 1.23% | 1.39% | 1.55% | 1.59% |
Source: Ownwell
Property Tax Assessment Values Across Westphalia, Iowa
In Westphalia, 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 Shelby County 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 Westphalia, 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 median home price in Westphalia is $83,426, with tax bills ranging from $887 at the 25th percentile to $2,144 at the 75th percentile. The zip code 51578 has the highest and lowest median tax bill of $1,244. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Westphalia Assessed Value
$83,426
Average Shelby County Assessed Value
$144,278
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Westphalia, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51578 | $38,276 | $60,810 | $83,426 | $141,659 | $231,626 |
Source: Ownwell
Property Tax Bills Across Westphalia, Iowa
Property tax bills in Westphalia, located in Shelby County, IA, are calculated based on the assessed value of a property, which is determined by local assessors. This value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Westphalia, the median home price is $83,426. The tax bill for the 25th percentile is $887, while those in the 75th percentile pay around $2,144. At the 90th percentile, the tax bill reaches up to $2,682. The property tax rate in Westphalia is influenced by various factors, including local government budgets, school funding requirements, and public service needs. Homeowners in this city have a median tax bill of $1,244, which is higher than the national median property tax rate of 0.99%. These taxes fund essential services such as education, infrastructure, and emergency services, directly impacting the quality of life and property values in the community.
Average Westphalia Tax Bill
$1,244
Average Shelby County Tax Bill
$2,060
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Westphalia, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51578 | $580 | $887 | $1,244 | $2,144 | $2,682 |
Source: Ownwell