Britt, Iowa Property Taxes
The median property tax rate in Britt, IA is 1.45%, which is 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 $96,863 in Britt, the typical annual property tax bill amounts to $1,400, which is below the national median of $2,690. Property taxes in Britt are calculated based on the assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. By understanding Britt’s property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you're in the heart of Britt or another part of the city, becoming knowledgeable about the local property tax system will prove beneficial.
Last Updated June 14, 2024
Britt, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.45%
Estimate Property Tax Bill
$1,405
Ownwell’s Britt Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Britt with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Britt 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 Britt, Iowa
Property taxes in Britt, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Britt is 1.45%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Britt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Britt 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 Britt's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50423 zip code has the highest median property tax rate of 1.45%, while the same zip code also has the lowest median tax rate of 1.45%. Understanding how these cities compare with Britt provides valuable insights into the varying tax landscape across Winnebago County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Britt Tax Rate
1.45%
Average Winnebago County Tax Rate
1.42%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Britt, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50423 | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Britt, Iowa
In Britt, 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 Winnebago 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 Britt, 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. Britt's median home price stands at $96,863, with the highest and lowest median tax bills both at $1,400 in zip code 50423. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Britt Assessed Value
$96,863
Average Winnebago County Assessed Value
$124,390
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Britt, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50423 | $96,863 | $96,863 | $96,863 | $96,863 | $96,863 |
Source: Ownwell
Property Tax Bills Across Britt, Iowa
In Britt, located in Winnebago County, IA, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the local assessor's office, which evaluates the property's market value and then applies an assessment ratio. The resulting assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the property's size, location, and condition. Local government budgets and school district funding needs also play a significant role in setting the tax rate. For homeowners in Britt, this means that their property tax bills are directly tied to local economic conditions and municipal budgetary requirements. The median home price in Britt is $96,863, and property tax bills generally hover around $1,400, which is significantly higher than the national median property tax rate of 0.99%. This higher rate can impact homeowners by increasing their annual housing costs, making budgeting for homeownership more challenging.
Average Britt Tax Bill
$1,400
Average Winnebago County Tax Bill
$1,770
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Britt, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50423 | $1,400 | $1,400 | $1,400 | $1,400 | $1,400 |
Source: Ownwell