Cresco, Iowa Property Taxes
The median property tax rate in Cresco, IA is 1.13%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $198,530 in Cresco, the typical annual property tax bill amounts to $2,291, falling below the national median of $2,690. Property taxes in Cresco are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Cresco'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 Cresco 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
Cresco, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$2,243
Ownwell’s Cresco Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cresco with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cresco 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 Cresco, Iowa
Property taxes in Cresco, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cresco is 1.13%, which is significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Cresco set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cresco 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 Cresco's effective property tax rate to other areas in Iowa and the national median. For comparison, the zip code 52136 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 Cresco provides valuable insights into the varying tax landscape across Winneshiek County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cresco Tax Rate
1.13%
Average Winneshiek County Tax Rate
1.33%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cresco, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52136 | 0.99% | 1.08% | 1.13% | 1.28% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Cresco, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cresco, Iowa. 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 Winneshiek 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 Cresco, 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 Cresco is $198,530, and the property tax bills range significantly, with the 25th percentile at $1,406 and the 75th percentile at $3,526. The highest and lowest median tax bills both stand at $2,291 in the 52136 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cresco Assessed Value
$198,530
Average Winneshiek County Assessed Value
$200,930
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cresco, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52136 | $80,780 | $124,485 | $198,530 | $296,230 | $414,243 |
Source: Ownwell
Property Tax Bills Across Cresco, Iowa
In Cresco, located in Winneshiek County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions influence the assessed value. Cresco's median home price stands at $198,530, and the property tax rate is reflective of the county's economic environment. For homeowners in Cresco, property tax bills can vary significantly. For instance, the 25th percentile of tax bills is around $1,406, while the 75th percentile reaches $3,526, and the 90th percentile can go up to $5,264. These figures indicate that property tax bills in Cresco can be quite diverse, impacting homeowners differently based on their property’s assessed value. Compared to the national median property tax rate of 0.99%, Cresco's rates reflect the localized economic factors and property values, influencing how much homeowners are required to pay annually.
Average Cresco Tax Bill
$2,291
Average Winneshiek County Tax Bill
$2,768
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Cresco, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52136 | $869 | $1,406 | $2,291 | $3,526 | $5,264 |
Source: Ownwell