Belmond, Iowa Property Taxes
The median property tax rate in Belmond, IA is 1.79%, notably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Belmond, the typical annual property tax bill reaches $1,810, which is below the national median of $2,690. Property taxes in Belmond are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Belmond'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 Belmond 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
Belmond, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.79%
Estimate Property Tax Bill
$1,889
Ownwell’s Belmond Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Belmond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Belmond to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those 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 Wright County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Belmond, Iowa
Property taxes in Belmond, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Belmond is 1.79%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Belmond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Belmond 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 Belmond's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50421 zip code has the highest median property tax rate of 1.79%, while the same zip code also has the lowest median tax rate of 1.79%. Understanding how these cities compare with Belmond provides valuable insights into the varying tax landscape across Wright County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Belmond Tax Rate
1.79%
Average Wright County Tax Rate
1.74%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Belmond, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50421 | 1.22% | 1.57% | 1.79% | 1.96% | 1.97% |
Source: Ownwell
Property Tax Assessment Values Across Belmond, Iowa
In Belmond, 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 Wright 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 Belmond, 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 Belmond is $105,550, and tax bills can range significantly. The 25th percentile tax bill is around $1,232, while the 75th percentile tax bill reaches approximately $2,535. 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 Belmond helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Belmond Assessed Value
$105,550
Average Wright County Assessed Value
$98,800
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Belmond, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50421 | $42,390 | $68,925 | $105,550 | $152,025 | $222,420 |
Source: Ownwell
Property Tax Bills Across Belmond, Iowa
In Belmond, Wright County, IA, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $105,550 in Belmond, homeowners can expect varying tax bills. The tax bill at the 25th percentile is around $1,232, while at the 75th percentile, it rises to approximately $2,535. At the 90th percentile, the tax bill can reach up to $3,458. Comparatively, the highest median tax bill recorded in the area is $1,810. These property taxes directly impact homeowners by influencing their annual housing costs. Understanding these factors can help homeowners better anticipate their financial obligations and plan accordingly.
Average Belmond Tax Bill
$1,810
Average Wright County Tax Bill
$1,678
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Belmond, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50421 | $764 | $1,232 | $1,810 | $2,535 | $3,458 |
Source: Ownwell