Sharpsburg, Iowa Property Taxes
The median property tax rate in Sharpsburg, IA is 1.43%, which is considerably higher than the national median of 0.99% but slightly lower than the Iowa state median of 1.54%. With a median home value of $33,530 in Sharpsburg, the typical annual property tax bill is $490, significantly below the national median of $2,690. Property taxes in Sharpsburg 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 Sharpsburg'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 Sharpsburg or another part of Taylor County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sharpsburg, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.43%
Estimate Property Tax Bill
$479
Ownwell’s Sharpsburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sharpsburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sharpsburg 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 Sharpsburg, Iowa
Property taxes in Sharpsburg, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sharpsburg is 1.43%, significantly higher than the U.S. national median of 0.99%. Local government entities within Sharpsburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sharpsburg 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 Sharpsburg's effective property tax rate to other areas in Iowa and the national median. For comparison, the 50862 zip code has both the highest and lowest median property tax rate of 1.43%. Understanding how these areas compare with Sharpsburg provides valuable insights into the varying tax landscape across Taylor County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sharpsburg Tax Rate
1.43%
Average Taylor County Tax Rate
1.27%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sharpsburg, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50862 | 0.94% | 1.12% | 1.43% | 1.82% | 2.12% |
Source: Ownwell
Property Tax Assessment Values Across Sharpsburg, Iowa
In Sharpsburg, 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 Taylor 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 Sharpsburg, 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. The median home price in Sharpsburg is $33,530. The 25th percentile tax bill is $184, while the 75th percentile tax bill is $1,480, and the 90th percentile tax bill is $2,494. The highest and lowest median tax bills are both $490 in the 50862 zip code. 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 Sharpsburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sharpsburg Assessed Value
$33,530
Average Taylor County Assessed Value
$80,810
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sharpsburg, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50862 | $7,778 | $12,760 | $33,530 | $106,160 | $187,242 |
Source: Ownwell
Property Tax Bills Across Sharpsburg, Iowa
In Sharpsburg, Taylor County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $33,530, the tax bill can range significantly. At the 25th percentile, homeowners might pay around $184 annually, while those at the 75th percentile could see bills as high as $1,480. At the 90th percentile, tax bills can reach up to $2,494. These variations are influenced by several factors, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. High property taxes can impact homeowners by increasing the overall cost of owning a home, potentially affecting affordability and long-term financial planning. Conversely, lower property taxes can make homeownership more accessible but may also reflect lower funding for local services. Compared to the national median property tax rate of 0.99%, Sharpsburg's rates offer a diverse range of financial implications for its residents.
Average Sharpsburg Tax Bill
$490
Average Taylor County Tax Bill
$1,036
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Sharpsburg, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50862 | $102 | $184 | $490 | $1,480 | $2,494 |
Source: Ownwell