Seymour, Iowa Property Taxes
The median property tax rate in Seymour, IA is 1.68%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Seymour at $83,680, the typical annual property tax bill reaches $1,354, exceeding the national median of $2,690. Property taxes in Seymour 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 Seymour'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 Seymour 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
Seymour, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.68%
Estimate Property Tax Bill
$1,406
Ownwell’s Seymour Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Seymour with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Seymour 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 Seymour, Iowa
Property taxes in Seymour, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Seymour is 1.68%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Seymour set these rates annually, and they can vary significantly across different neighborhoods. Each year, Seymour 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 Seymour's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 52590 has the highest median property tax rate of 1.68%, while the same zip code also has the lowest median tax rate of 1.68%. Understanding how these cities compare with Seymour provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Seymour Tax Rate
1.68%
Average Wayne County Tax Rate
1.58%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Seymour, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52590 | 1.18% | 1.38% | 1.68% | 2.09% | 2.19% |
Source: Ownwell
Property Tax Assessment Values Across Seymour, Iowa
In Seymour, 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 Wayne 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 Seymour, 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 Seymour helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Seymour, the zip code 52590 has both the highest and lowest median tax bill, amounting to $1,354 annually, which is above the national median property tax rate of 0.99%.
Average Seymour Assessed Value
$83,680
Average Wayne County Assessed Value
$80,110
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Seymour, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52590 | $17,688 | $39,888 | $83,680 | $154,648 | $237,013 |
Source: Ownwell
Property Tax Bills Across Seymour, Iowa
In Seymour, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, the median home price in Seymour is $83,680. Depending on various factors such as property location and specific neighborhood characteristics, tax bills can vary significantly. Homeowners in the 25th percentile can expect a tax bill around $662, while those in the 75th percentile might see a bill closer to $2,340. At the higher end, the 90th percentile tax bill can reach up to $3,456. Compared to the national median property tax rate of 0.99%, Seymour's property taxes can be relatively modest or quite substantial, affecting homeowners' financial planning and overall cost of living. The highest and lowest median tax bills in the area are both $1,354, indicating a range of tax burdens within the community.
Average Seymour Tax Bill
$1,354
Average Wayne County Tax Bill
$1,272
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Seymour, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52590 | $298 | $662 | $1,354 | $2,340 | $3,456 |
Source: Ownwell