Decorah, Iowa Property Taxes
The median property tax rate in Decorah, IA is 1.37%, higher than both the national median of 0.99% and the Iowa state median of 1.54%. With a median home value of $223,260, the typical annual property tax bill in Decorah reaches $3,194, surpassing the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Decorah'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 Decorah or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Decorah, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$3,059
Ownwell’s Decorah Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Decorah with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Decorah 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 Decorah, Iowa
Property taxes in Decorah, Iowa, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Decorah is 1.37%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Decorah set these rates annually, and they can vary significantly across different neighborhoods. Each year, Decorah 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 Decorah's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 52101 has both the highest and lowest median property tax rate of 1.37%. Understanding how these cities compare with Decorah 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 Decorah Tax Rate
1.37%
Average Winneshiek County Tax Rate
1.33%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Decorah, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52101 | 1.06% | 1.12% | 1.37% | 1.73% | 1.79% |
Source: Ownwell
Property Tax Assessment Values Across Decorah, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Decorah, 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 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 Decorah, 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. For instance, in the 52101 zip code, the median property tax bill is $3,194. 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 Decorah helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Decorah Assessed Value
$223,260
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 Decorah, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52101 | $94,152 | $159,040 | $223,260 | $312,840 | $424,828 |
Source: Ownwell
Property Tax Bills Across Decorah, Iowa
In Decorah, located in Winneshiek County, IA, property tax bills are calculated based on the assessed value of a home 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 established, the local tax rate is applied to calculate the tax bill. For example, with a median home price of $223,260, homeowners in Decorah can expect varying tax bills. At the 25th percentile, tax bills are around $2,112, while at the 75th percentile, they can reach up to $4,382. Those at the 90th percentile might see tax bills as high as $5,876. The highest median tax bill recorded in the area is $3,194, specifically in the 52101 zip code. These figures illustrate how property taxes can significantly impact homeowners, depending on their property's assessed value and their specific location within the county. Comparing these local rates to the national median property tax rate of 0.99% highlights the variability and potential financial burden on homeowners in Decorah.
Average Decorah Tax Bill
$3,194
Average Winneshiek County Tax Bill
$2,768
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Decorah, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52101 | $1,156 | $2,112 | $3,194 | $4,382 | $5,876 |
Source: Ownwell