Bonaparte, Iowa Property Taxes
The median property tax rate in Bonaparte, IA is 1.01%, 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 $91,445 in Bonaparte, the typical annual property tax bill amounts to $994, which is below the national median of $2,690. Property taxes in Bonaparte are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Bonaparte'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 Bonaparte or another part of Van Buren County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bonaparte, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$924
Ownwell’s Bonaparte Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bonaparte with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bonaparte 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 Bonaparte, Iowa
Property taxes in Bonaparte, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bonaparte is 1.01%, which is higher than the U.S. national median of 0.99%. Local government entities within Bonaparte set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bonaparte 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 Bonaparte's effective property tax rate to other areas in Van Buren County and the national median. For comparison, the zip code 52620 has both the highest and lowest median property tax rate of 1.01%. Understanding how these cities compare with Bonaparte provides valuable insights into the varying tax landscape across Van Buren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bonaparte Tax Rate
1.01%
Average Van Buren County Tax Rate
1.04%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bonaparte, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52620 | 0.84% | 0.93% | 1.01% | 1.15% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across Bonaparte, Iowa
In Bonaparte, 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 Van Buren 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 Bonaparte, 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 Bonaparte is $91,445, with the 25th percentile tax bill at $488 and the 75th percentile at $1,619. Interestingly, the highest and lowest median tax bills are both recorded at $994 in the 52620 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 Bonaparte helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bonaparte Assessed Value
$91,445
Average Van Buren County Assessed Value
$93,400
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bonaparte, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52620 | $20,708 | $44,660 | $91,445 | $159,130 | $234,160 |
Source: Ownwell
Property Tax Bills Across Bonaparte, Iowa
In Bonaparte, property tax bills are calculated based on the assessed value of the home, which is determined by the Van Buren County assessor's office. This assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. Factors such as the property's location, size, and condition, as well as any improvements or additions, can influence the assessed value. Homeowners in Bonaparte experience a range of property tax bills. For instance, the 25th percentile tax bill is $488, while the 75th percentile tax bill is $1,619. The highest median tax bill in the area is $994, which is significantly lower than the national median property tax rate of 0.99%. These property taxes fund essential public services, including schools, emergency services, and infrastructure maintenance. As a result, understanding how these taxes are calculated and their impact on homeowners is crucial for financial planning and property investment.
Average Bonaparte Tax Bill
$994
Average Van Buren County Tax Bill
$987
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Bonaparte, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52620 | $209 | $488 | $994 | $1,619 | $2,272 |
Source: Ownwell