Palo, Benton County, Iowa Property Taxes
The median property tax rate in Palo, IA is 1.20%, which is higher than both the national median of 0.99% and the Iowa state median of 1.54%. With a median home value of $386,850 in Palo, the typical annual property tax bill reaches $4,814, significantly exceeding the national median of $2,690. Property taxes in Palo are calculated based on the tax assessed value, which usually falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Palo'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 Palo 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
Palo, Benton County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$4,642
$4,308
Ownwell’s PALO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in PALO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in PALO 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 Palo, Benton County, Iowa
Property taxes in Palo, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palo is 1.20%, considerably higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Palo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palo 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 Palo's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 52324 has both the highest and lowest median property tax rate of 1.20%. Understanding how these cities compare with Palo 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 Palo Tax Rate
1.20%
Average Benton County Tax Rate
1.37%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palo, Benton County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52324 | 1.14% | 1.18% | 1.20% | 1.22% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Palo, Benton County, Iowa
In Palo, 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. 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 Palo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 52324, both at $4,814, which is significantly higher than the national median property tax rate of 0.99%.
Property Tax Assessment Values Across Palo, Benton County, Iowa
Source: Ownwell
$87,000
$236,925
$386,850
Average Palo Assessed Value
$386,850
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 Palo, Benton County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52324 | $211,990 | $313,275 | $386,850 | $492,125 | $567,060 |
Source: Ownwell
Property Tax Bills Across Palo, Benton County, Iowa
In PALO, Benton County, IA, property tax bills are calculated based on the assessed value of a home and the local property tax rate. The median home price in PALO stands at $386,850. Homeowners in this area can expect their tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $3,956, while at the 75th percentile, it rises to $5,880, and at the 90th percentile, it reaches $6,943. Several factors influence these tax bills, including the assessed value of the property, local tax rates, and any applicable exemptions or deductions. The assessed value is determined by the county assessor, who evaluates the property based on its market value. This value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners, these tax bills can have a substantial impact on their finances, influencing decisions about homeownership and property investments. Compared to the national median property tax rate of 0.99%, the rates in PALO reflect the local economic and administrative factors that shape the property tax landscape.
Average Palo Tax Bill
$4,814
Average Benton County Tax Bill
$2,460
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Palo, Benton County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52324 | $2,602 | $3,956 | $4,814 | $5,880 | $6,943 |
Source: Ownwell