Thompson, Iowa Property Taxes
The median property tax rate in Thompson, IA is 1.60%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Thompson, the typical annual property tax bill reaches $1,101, exceeding the national median of $2,690. Property taxes in Thompson 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 Thompson'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 Thompson 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
Thompson, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.6%
Estimate Property Tax Bill
$1,126
Ownwell’s Thompson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thompson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thompson 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 Thompson, Iowa
Property taxes in Thompson, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thompson is 1.60%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Thompson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thompson 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 Thompson's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50478 zip code has the highest median property tax rate of 1.60%, while the same zip code also has the lowest median tax rate of 1.60%. Understanding how these cities compare with Thompson 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 Thompson Tax Rate
1.60%
Average Winnebago County Tax Rate
1.42%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thompson, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50478 | 0.90% | 1.17% | 1.60% | 1.81% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Thompson, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Thompson, Iowa. The market value represents 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 local 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 Thompson, 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with both the highest and lowest median tax bills in Thompson is 50478, with a median tax bill of $1,101.
Average Thompson Assessed Value
$70,380
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 Thompson, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50478 | $21,542 | $42,480 | $70,380 | $125,964 | $200,258 |
Source: Ownwell
Property Tax Bills Across Thompson, Iowa
Property tax bills in Thompson, located in Winnebago County, IA, are determined based on the assessed value of a home and the property tax rate set by local authorities. The assessed value is an estimate of a property's market value, which is then multiplied by the local tax rate to calculate the tax bill. For homeowners in Thompson, the median home price is $70,380, and property tax bills can vary widely. At the 25th percentile, homeowners could expect a tax bill around $583, while those at the 75th percentile might see bills reaching $1,813. The 90th percentile tax bill can go as high as $2,707. These figures illustrate the range of property tax obligations, influenced by factors such as property size, location, and any applicable exemptions. With the national median property tax rate at 0.99%, Thompson’s homeowners experience a varied impact on their annual expenses, affecting their overall financial planning and housing affordability.
Average Thompson Tax Bill
$1,101
Average Winnebago County Tax Bill
$1,770
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Thompson, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50478 | $312 | $583 | $1,101 | $1,813 | $2,707 |
Source: Ownwell