Farmington, Iowa Property Taxes
The median property tax rate in Farmington, IA is 1.13%, 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 $70,555 in Farmington, the typical annual property tax bill amounts to $802, which is below the national median of $2,690. Property taxes in Farmington are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Farmington's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Farmington or another part of Van Buren County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Farmington, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$797
Ownwell’s Farmington Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Farmington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmington 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 Farmington, Iowa
Property taxes in Farmington, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmington is 1.13%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Farmington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farmington 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 Farmington's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52626 ZIP code has the highest median property tax rate of 1.13%, while the same ZIP code also has the lowest median tax rate of 1.13%. Understanding how these areas compare with Farmington 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 Farmington Tax Rate
1.13%
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 Farmington, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52626 | 0.84% | 0.99% | 1.13% | 1.32% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Farmington, Iowa
In Farmington, 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 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. 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 Farmington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Farmington, the median home price is $70,555, with the highest median tax bill being $802 in zip code 52626.
Average Farmington Assessed Value
$70,555
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 Farmington, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52626 | $22,934 | $43,010 | $70,555 | $112,038 | $177,768 |
Source: Ownwell
Property Tax Bills Across Farmington, Iowa
In Farmington, located in Van Buren County, IA, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by county assessors who evaluate the property's market value. Once the assessed value is set, the local tax rate is applied to calculate the annual tax bill. Homeowners in Farmington can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is around $468, while at the 75th percentile, it rises to $1,240. The 90th percentile tax bill can reach up to $1,750. These figures illustrate the range of tax obligations homeowners might face, depending on their property's assessed value and specific tax rate. Compared to the national median property tax rate of 0.99%, Farmington's property tax bills reflect the local economic conditions and property values. The highest and lowest median tax bills in the area are both $802, indicating a relatively consistent tax environment within the zip code 52626. This consistency helps homeowners budget and plan for their annual tax obligations.
Average Farmington Tax Bill
$802
Average Van Buren County Tax Bill
$987
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmington, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52626 | $240 | $468 | $802 | $1,240 | $1,750 |
Source: Ownwell