Winterset, Iowa Property Taxes
The median property tax rate in Winterset, IA is 1.22%, 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 $277,660 in Winterset, the typical annual property tax bill amounts to $3,531, surpassing the national median of $2,690. Property taxes in Winterset are determined based on the assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. By understanding Winterset's property tax system, exploring available exemptions, and identifying opportunities for reductions, residents can achieve significant annual savings. Whether you're in the heart of Winterset or elsewhere in the city, a thorough understanding of the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Winterset, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.22%
Estimate Property Tax Bill
$3,387
Ownwell’s Winterset Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Winterset with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Winterset 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 Winterset, Iowa
Property taxes in Winterset, Iowa, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Winterset is 1.22%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Winterset set these rates annually, and they can vary significantly across different neighborhoods. Each year, Winterset 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 Winterset's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50273 zip code has the highest median property tax rate of 1.22%, while the same zip code also has the lowest median tax rate of 1.22%. Understanding how these cities compare with Winterset provides valuable insights into the varying tax landscape across Adair County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Winterset Tax Rate
1.22%
Average Adair County Tax Rate
1.47%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Winterset, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50273 | 1.06% | 1.10% | 1.22% | 1.28% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Winterset, Iowa
In Winterset, 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 Adair 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. 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 Winterset helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Winterset both stand at $3,531, within the zip code 50273.
Average Winterset Assessed Value
$277,660
Average Adair County Assessed Value
$113,535
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Winterset, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50273 | $87,215 | $135,712 | $277,660 | $322,062 | $345,375 |
Source: Ownwell
Property Tax Bills Across Winterset, Iowa
In Winterset, located in Adair County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. Once the assessed value is established, the applicable tax rate is applied to calculate the property tax bill. For Winterset, the median home price is $277,660, and the property tax rates vary within the city. For example, homeowners in the 25th percentile can expect a tax bill around $1,548, while those in the 75th percentile may see bills as high as $4,162. At the 90th percentile, tax bills can reach up to $4,298. These figures illustrate the range of tax burdens that homeowners may face depending on their property's assessed value and specific tax rate applied. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners to understand how local rates and assessed values can significantly impact their annual tax obligations.
Average Winterset Tax Bill
$3,531
Average Adair County Tax Bill
$1,656
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Winterset, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50273 | $927 | $1,548 | $3,531 | $4,162 | $4,298 |
Source: Ownwell