Hornick, Iowa Property Taxes
The median property tax rate in Hornick, IA is 1.04%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Hornick, the typical annual property tax bill reaches $1,541, falling below the national median of $2,690. Property taxes in Hornick 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 Hornick'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 Hornick 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
Hornick, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$1,522
Ownwell’s Hornick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hornick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hornick 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 Hornick, Iowa
Property taxes in Hornick, Iowa, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Hornick is 1.04%, which is higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Hornick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hornick 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 Hornick's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51026 zip code has the highest median property tax rate of 1.04%, while the same zip code also has the lowest median tax rate of 1.04%. Understanding how these cities compare with Hornick provides valuable insights into the varying tax landscape across Woodbury County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hornick Tax Rate
1.04%
Average Woodbury County Tax Rate
1.52%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hornick, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51026 | 0.86% | 0.93% | 1.04% | 1.17% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Hornick, Iowa
In Hornick, 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 Woodbury 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 Hornick, 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 Hornick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Hornick is $1541, found in zip code 51026. The lowest median tax bill is also $1541, in the same zip code. This consistency highlights the importance of understanding your assessed value to manage property taxes effectively.
Average Hornick Assessed Value
$146,310
Average Woodbury County Assessed Value
$157,600
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hornick, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51026 | $39,342 | $75,000 | $146,310 | $236,980 | $350,186 |
Source: Ownwell
Property Tax Bills Across Hornick, Iowa
In Hornick, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value, reflecting its worth in the current real estate market. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. This rate can vary depending on local government budgets and school district funding needs. Homeowners in Hornick can expect their tax bills to fall within a range, with the 25th percentile at $840 and the 75th percentile at $2,480. The 90th percentile reaches up to $3,436, indicating higher property values or additional assessments. Compared to the national median property tax rate of 0.99%, Hornick's rates reflect local economic conditions and funding requirements. These taxes fund essential services like schools, infrastructure, and emergency services, directly impacting the quality of life for residents.
Average Hornick Tax Bill
$1,541
Average Woodbury County Tax Bill
$2,352
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Hornick, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51026 | $382 | $840 | $1,541 | $2,480 | $3,436 |
Source: Ownwell