Keystone, Benton County, Iowa Property Taxes
The median property tax rate in Keystone, IA is 0.95%, slightly below the national median of 0.99% and significantly lower than the Iowa state median of 1.54%. With a median home value of $170,100 in Keystone, the typical annual property tax bill is around $1,583, which is considerably less than the national median of $2,690. Property taxes in Keystone are calculated based on the tax assessed value, which often falls below market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Keystone'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 Keystone or another part of Benton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Keystone, Benton County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$1,616
$1,500
Ownwell’s Keystone Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Keystone with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Keystone 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 Keystone, Benton County, Iowa
Property taxes in Keystone, Iowa, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Keystone is 0.95%, which is just below the U.S. national median of 0.99%. Local government entities within Keystone set these rates annually, and they can vary significantly across different neighborhoods. Each year, Keystone 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 Keystone's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52249 zip code has the highest median property tax rate of 0.95%, while the lowest median tax rate is also 0.95% in the same zip code. Understanding how these areas compare with Keystone 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 Keystone Tax Rate
0.95%
Average Benton County Tax Rate
1.37%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Keystone, Benton County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52249 | 0.86% | 0.91% | 0.95% | 1.02% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Keystone, Benton County, Iowa
In Keystone, 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 Keystone, 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 Keystone helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Keystone is $170,100, with the highest and lowest median tax bills recorded at $1,583 in zip code 52249.
Property Tax Assessment Values Across Keystone, Benton County, Iowa
Source: Ownwell
$87,000
$236,925
$386,850
Average Keystone Assessed Value
$170,100
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 Keystone, Benton County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52249 | $87,500 | $115,900 | $170,100 | $269,600 | $395,340 |
Source: Ownwell
Property Tax Bills Across Keystone, Benton County, Iowa
In Keystone, located in Benton County, IA, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is a percentage of the property's market value. Local tax rates are then applied to this assessed value to calculate the annual property tax bill. Factors such as property location, size, and improvements can influence the assessed value. Homeowners in Keystone experience varying property tax bills. For instance, the 25th percentile tax bill is $1,088, while the 75th percentile tax bill is $2,478, showing a significant range based on property characteristics and assessed values. The 90th percentile tax bill can reach up to $4,265, indicating higher taxes for more valuable properties. Comparatively, the national median property tax rate is 0.99%, which provides context to Keystone's tax landscape. For homeowners, these taxes fund essential community services such as schools, infrastructure, and public safety, directly impacting the quality of local amenities and overall living conditions.
Average Keystone Tax Bill
$1,583
Average Benton County Tax Bill
$2,460
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Keystone, Benton County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52249 | $774 | $1,088 | $1,583 | $2,478 | $4,265 |
Source: Ownwell