Bridgewater, Iowa Property Taxes
The median property tax rate in Bridgewater, IA is 1.17%, higher than both the national median of 0.99% and the Iowa state median of 1.54%. With a median home value of $170,800 in Bridgewater, the typical annual property tax bill reaches $1,973, which is below the national median of $2,690. Property taxes in Bridgewater are calculated based on the tax assessed value, typically lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bridgewater'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 Bridgewater 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
Bridgewater, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$1,998
Ownwell’s Bridgewater Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Bridgewater with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bridgewater 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 Bridgewater, Iowa
Property taxes in Bridgewater, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bridgewater is 1.17%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Bridgewater set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bridgewater 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 Bridgewater's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50837 zip code has the highest median property tax rate of 1.17%, while the same zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Bridgewater provides valuable insights into the varying tax landscape across Adams County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bridgewater Tax Rate
1.17%
Average Adams County Tax Rate
1.43%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bridgewater, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50837 | 1.10% | 1.13% | 1.17% | 1.37% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Bridgewater, Iowa
In Bridgewater, 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 Adams 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 Bridgewater, 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 Bridgewater helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is in the 50837 zip code, amounting to $1,973.
Average Bridgewater Assessed Value
$170,800
Average Adams County Assessed Value
$114,000
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bridgewater, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50837 | $82,460 | $110,750 | $170,800 | $191,675 | $252,440 |
Source: Ownwell
Property Tax Bills Across Bridgewater, Iowa
In Bridgewater, Adams County, IA, property tax bills are determined by the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value, which is periodically evaluated by the county assessor. For homeowners in Bridgewater, the median home price is $170,800. Tax bills can vary significantly, influenced by the assessed value and the specific tax rate applied. For example, the 25th percentile tax bill is $1,361, while the 75th percentile tax bill reaches $2,250, and the 90th percentile tax bill can be as high as $3,011. These variations reflect differences in property values and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Bridgewater's tax bills provide a clear picture of how local tax policies can impact homeowners. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their finances more effectively.
Average Bridgewater Tax Bill
$1,973
Average Adams County Tax Bill
$1,577
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Bridgewater, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50837 | $1,185 | $1,361 | $1,973 | $2,250 | $3,011 |
Source: Ownwell