Grand Junction, Boone County, Iowa Property Taxes
The median property tax rate in Grand Junction, IA is 1.00%, slightly above the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $275,823 in Grand Junction, the typical annual property tax bill amounts to $2,713, which is just below the national median of $2,690. Property taxes in Grand Junction are determined based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Gaining a thorough understanding of Grand Junction's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in significant annual savings. Whether you reside in the heart of Grand Junction or another area within Boone County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Grand Junction, Boone County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$2,758
$2,560
Ownwell’s Grand Junction Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grand Junction with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grand Junction 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 Grand Junction, Boone County, Iowa
Property taxes in Grand Junction, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grand Junction is 1.00%, which is higher than the U.S. national median of 0.99%. Local government entities within Grand Junction set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grand Junction 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 Grand Junction's effective property tax rate to other areas in Iowa and the national median. For comparison, the zip code 50107 has both the highest and lowest median property tax rate of 1.00%. Understanding how these cities compare with Grand Junction provides valuable insights into the varying tax landscape across Boone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grand Junction Tax Rate
1.00%
Average Boone County Tax Rate
1.33%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grand Junction, Boone County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50107 | 0.95% | 0.96% | 1.00% | 1.09% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Grand Junction, Boone County, Iowa
In Grand Junction, 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 Boone 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 Grand Junction, 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. The median home price in Grand Junction is $275,823, with tax bills ranging from $2,100 at the 25th percentile to $4,028 at the 90th percentile. The highest and lowest median tax bills are both $2,713, found in zip code 50107. 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 Grand Junction helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Grand Junction, Boone County, Iowa
Source: Ownwell
$43,754
$227,632
$411,509
Average Grand Junction Assessed Value
$275,823
Average Boone County Assessed Value
$185,354
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grand Junction, Boone County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50107 | $137,096 | $190,739 | $275,823 | $335,262 | $372,524 |
Source: Ownwell
Property Tax Bills Across Grand Junction, Boone County, Iowa
In Grand Junction, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The tax rate is applied to this assessed value to determine the annual property tax bill. Factors such as the property's location, size, and market value play a crucial role in this assessment. In Boone County, the median home price stands at $275,823, and the property tax rates can result in varying tax bills. For instance, homeowners in the 25th percentile might pay around $2,100 annually, while those in the 75th percentile could see bills as high as $3,442. Some homeowners, particularly those in the 90th percentile, may face tax bills up to $4,028. These tax amounts can significantly impact homeowners, influencing their overall financial planning and housing affordability. Compared to the national median property tax rate of 0.99%, Grand Junction's property tax rates can present both challenges and opportunities for residents.
Average Grand Junction Tax Bill
$2,713
Average Boone County Tax Bill
$2,464
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Grand Junction, Boone County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50107 | $1,812 | $2,100 | $2,713 | $3,442 | $4,028 |
Source: Ownwell