Walford, Benton County, Iowa Property Taxes
The median property tax rate in Walford, IA is 1.39%, noticeably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Walford at $279,100, the typical annual property tax bill reaches $3,928, surpassing the national median of $2,690. Property taxes in Walford are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Walford'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 Walford 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
Walford, Benton County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.39%
Estimate Property Tax Bill
$3,879
$3,600
Ownwell’s Walford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Walford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walford 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 Walford, Benton County, Iowa
Property taxes in Walford, Iowa, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Walford is 1.39%, which is higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Walford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walford 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 Walford's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52351 zip code has the highest median property tax rate of 1.39%, while the same zip code also has the lowest median tax rate of 1.39%. Understanding how these cities compare with Walford 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 Walford Tax Rate
1.39%
Average Benton County Tax Rate
1.37%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walford, Benton County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52351 | 1.32% | 1.36% | 1.39% | 1.41% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Walford, Benton County, Iowa
In Walford, 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 Walford, 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 Walford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 52351, with a tax bill of $3,928, while the lowest median tax bill is also in zip code 52351, with the same value.
Property Tax Assessment Values Across Walford, Benton County, Iowa
Source: Ownwell
$87,000
$236,925
$386,850
Average Walford Assessed Value
$279,100
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 Walford, Benton County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52351 | $152,040 | $230,500 | $279,100 | $315,700 | $354,780 |
Source: Ownwell
Property Tax Bills Across Walford, Benton County, Iowa
In Walford, Benton County, IA, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to calculate the annual tax bill. For instance, with a median home price of $279,100, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $3,042, while at the 75th percentile, it rises to approximately $4,462. The top 10% of tax bills in the area can go up to $4,998. These tax bills are influenced by several factors, including changes in property values, local government budgets, and the tax rate set by Benton County. Compared to the national median property tax rate of 0.99%, the tax rates in Walford can significantly impact household budgets. Homeowners must stay informed about these factors to anticipate and manage their property tax obligations effectively.
Average Walford Tax Bill
$3,928
Average Benton County Tax Bill
$2,460
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Walford, Benton County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52351 | $1,986 | $3,042 | $3,928 | $4,462 | $4,998 |
Source: Ownwell