Fairfax, Iowa Property Taxes
The median property tax rate in Fairfax, IA is 0.96%, slightly below the national median of 0.99% but significantly less than the Iowa state median of 1.54%. With the median home value in Fairfax at $313,200, the typical annual property tax bill reaches $3,054, surpassing the national median of $2,690. Property taxes in Fairfax are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fairfax'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 Fairfax 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
Fairfax, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$3,007
Ownwell’s Fairfax Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairfax with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairfax 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 Fairfax, Iowa
Property taxes in Fairfax, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairfax is 0.96%, slightly lower than the U.S. national median of 0.99%. Local government entities within Fairfax set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairfax 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 Fairfax's effective property tax rate to other regions in the U.S. and the national median. For comparison, the 52228 zip code has both the highest and lowest median property tax rate of 0.96%. Understanding how these cities compare with Fairfax provides valuable insights into the varying tax landscape across Benton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairfax Tax Rate
0.96%
Average Benton County Tax Rate
1.37%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairfax, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52228 | 0.89% | 0.93% | 0.96% | 1.07% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Fairfax, Iowa
In Fairfax, 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 Benton County Appraisal District 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 Fairfax, 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 Fairfax helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $3,054 in the 52228 zip code, which also has the lowest median tax bill at $3,054.
Average Fairfax Assessed Value
$313,200
Average Benton County Assessed Value
$183,200
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairfax, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52228 | $104,840 | $210,650 | $313,200 | $372,975 | $566,420 |
Source: Ownwell
Property Tax Bills Across Fairfax, Iowa
In Fairfax, located in Benton County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate, which varies depending on the specific tax district within Fairfax. For instance, with a median home price of $313,200, homeowners can expect varying tax bills. The 25th percentile tax bill is around $2,147, while the 75th percentile reaches approximately $3,676. The 90th percentile tax bill can go as high as $5,944. Several factors influence these calculations, including the property's location, size, and any improvements made. Additionally, local government budgets and school district funding needs play a significant role in determining the tax rate. Compared to the national median property tax rate of 0.99%, Fairfax's tax rates can be higher, impacting homeowners by potentially increasing their annual expenses. Understanding these factors is crucial for homeowners to anticipate their financial responsibilities accurately.
Average Fairfax Tax Bill
$3,054
Average Benton County Tax Bill
$2,460
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairfax, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52228 | $1,626 | $2,147 | $3,054 | $3,676 | $5,944 |
Source: Ownwell