Urbana, Benton County, Iowa Property Taxes
The median property tax rate in Urbana, IA is 1.72%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Urbana, the typical annual property tax bill reaches $3,326, exceeding the national median of $2,690. Property taxes in Urbana are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Urbana'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 Urbana 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
Urbana, Benton County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.72%
Estimate Property Tax Bill
$3,419
$3,173
Ownwell’s Urbana Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Urbana with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Urbana 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 Urbana, Benton County, Iowa
Property taxes in Urbana, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Urbana is 1.72%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Urbana set these rates annually, and they can vary significantly across different neighborhoods. Each year, Urbana 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 Urbana's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 52345 has both the highest and lowest median property tax rate of 1.72%. Understanding how these cities compare with Urbana 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 Urbana Tax Rate
1.72%
Average Benton County Tax Rate
1.37%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Urbana, Benton County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52345 | 1.59% | 1.67% | 1.72% | 1.77% | 1.81% |
Source: Ownwell
Property Tax Assessment Values Across Urbana, Benton County, Iowa
In Urbana, 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 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 Urbana, 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. In Urbana, the highest median tax bill is $3,326 in the 52345 zip code, which is also the lowest median tax bill. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Urbana, Benton County, Iowa
Source: Ownwell
$87,000
$236,925
$386,850
Average Urbana Assessed Value
$198,800
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 Urbana, Benton County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52345 | $81,300 | $133,400 | $198,800 | $268,350 | $340,100 |
Source: Ownwell
Property Tax Bills Across Urbana, Benton County, Iowa
In Urbana, located in Benton County, IA, property tax bills are calculated based on the assessed value of a home, not its market value. The assessed value is determined by local assessors who evaluate various factors such as the property's size, location, and condition. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For instance, with a median home price of $198,800 in Urbana, homeowners can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $2,200, while those in the 75th percentile might see bills as high as $4,572. At the 90th percentile, tax bills can reach up to $5,943. Compared to the national median property tax rate of 0.99%, Urbana's tax rates may seem high, but they reflect the specific needs and budgets of the local community. These tax bills directly impact homeowners by influencing their annual expenses and potentially affecting their decisions regarding property investments and home improvements.
Average Urbana Tax Bill
$3,326
Average Benton County Tax Bill
$2,460
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Urbana, Benton County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52345 | $1,282 | $2,200 | $3,326 | $4,572 | $5,943 |
Source: Ownwell