Gilbertville, Iowa Property Taxes
The median property tax rate in Gilbertville, IA is 1.35%, which is higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Gilbertville at $181,480, the typical annual property tax bill reaches $2,484, slightly below the national median of $2,690. Property taxes in Gilbertville 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 Gilbertville'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 Gilbertville or another part of Black Hawk County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gilbertville, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$2,450
Ownwell’s Gilbertville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gilbertville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gilbertville 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 Black Hawk County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Gilbertville, Iowa
Property taxes in Gilbertville, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gilbertville is 1.35%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Gilbertville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gilbertville 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 Gilbertville's effective property tax rate to other areas in Iowa and the national median. For comparison, the zip code 50634 has the highest median property tax rate of 1.35%, while the same zip code also has the lowest median tax rate of 1.35%. Understanding how these areas compare with Gilbertville provides valuable insights into the varying tax landscape across Black Hawk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gilbertville Tax Rate
1.35%
Average Black Hawk County Tax Rate
1.57%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gilbertville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50634 | 1.28% | 1.32% | 1.35% | 1.39% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Gilbertville, Iowa
In Gilbertville, 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 Black Hawk 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 Gilbertville, 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 Gilbertville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Gilbertville is $181,480, with the highest median tax bill at $2,484 in zip code 50634.
Average Gilbertville Assessed Value
$181,480
Average Black Hawk County Assessed Value
$149,990
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gilbertville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50634 | $48,142 | $123,430 | $181,480 | $244,470 | $341,454 |
Source: Ownwell
Property Tax Bills Across Gilbertville, Iowa
In Gilbertville, located in Black Hawk County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Gilbertville is $181,480, and the property tax rate is applied to this assessed value to determine the tax bill. Various factors influence the assessed value, including property size, location, and market conditions. Homeowners in Gilbertville can expect their property tax bills to range significantly. At the 25th percentile, the tax bill is around $1,772, while at the 75th percentile, it reaches approximately $3,232. For those at the 90th percentile, the tax bill can be as high as $4,627. Comparing these figures to the national median property tax rate of 0.99%, the property taxes in Gilbertville can be quite variable, impacting homeowners differently based on their property’s assessed value. The highest median tax bill in the area is $2,484, found in the 50634 zip code, reflecting the variability in tax burdens across different regions.
Average Gilbertville Tax Bill
$2,484
Average Black Hawk County Tax Bill
$2,318
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Gilbertville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50634 | $1,203 | $1,772 | $2,484 | $3,232 | $4,627 |
Source: Ownwell