Rowan, Iowa Property Taxes
The median property tax rate in Rowan, IA is 1.40%, 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 in Rowan of $44,500, the typical annual property tax bill is $620, falling below the national median of $2,690. Property taxes in Rowan are calculated based on the assessed value, which is often lower than the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Rowan'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 Rowan or another part of Wright County, mastering the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rowan, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$623
Ownwell’s Rowan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rowan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rowan 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 Rowan, Iowa
Property taxes in Rowan, Iowa, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rowan is 1.40%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Rowan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rowan 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 Rowan's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50470 zip code has the highest median property tax rate of 1.40%, while the same zip code also has the lowest median tax rate of 1.40%. Understanding how these cities compare with Rowan 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 Rowan Tax Rate
1.40%
Average Wright County Tax Rate
1.74%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rowan, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50470 | 0.98% | 1.20% | 1.40% | 1.56% | 1.64% |
Source: Ownwell
Property Tax Assessment Values Across Rowan, Iowa
In Rowan, 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 Rowan, 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. The zip code with the highest median tax bill in Rowan is 50470, with a tax bill of $620. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rowan Assessed Value
$44,500
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 Rowan, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50470 | $5,950 | $18,500 | $44,500 | $106,075 | $192,620 |
Source: Ownwell
Property Tax Bills Across Rowan, Iowa
In Rowan, property tax bills are calculated based on the assessed value of your home, which is determined by the Wright County Assessor's Office. The assessed value is a percentage of the market value of the property. This assessed value is then multiplied by the local tax rate to determine your annual property tax bill. Several factors influence the assessed value, including the age, size, and condition of the property, as well as recent sales of similar properties in the area. Homeowners in Rowan should note that the median home price is $44,500. Property taxes can vary significantly, with the 25th percentile tax bill at $213 and the 75th percentile at $1,508. For those at the 90th percentile, the tax bill can reach up to $2,510. Compared to the national median property tax rate of 0.99%, Rowan's property tax rate is relatively modest, making it an appealing location for homeowners. Understanding these factors can help homeowners anticipate their property tax obligations and budget accordingly.
Average Rowan Tax Bill
$620
Average Wright County Tax Bill
$1,678
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Rowan, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50470 | $80 | $213 | $620 | $1,508 | $2,510 |
Source: Ownwell