Slater, Iowa Property Taxes
The median property tax rate in Slater, IA is 1.21%, considerably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Slater at $423,928, the typical annual property tax bill reaches $5,145, surpassing the national median of $2,690. Property taxes in Slater 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 Slater'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 Slater 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
Slater, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$5,130
Ownwell’s Slater Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Slater with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Slater to provide an estimate of 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 Slater, Iowa
Property taxes in Slater, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Slater is 1.21%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Slater set these rates annually, and they can vary significantly across different neighborhoods. Each year, Slater 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 Slater's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50244 zip code has the highest median property tax rate of 1.21%, while the same zip code also has the lowest median tax rate of 1.21%. Understanding how these cities compare with Slater 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 Slater Tax Rate
1.21%
Average Boone County Tax Rate
1.33%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Slater, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50244 | 1.19% | 1.20% | 1.21% | 1.23% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Slater, Iowa
In Slater, 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 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 Slater, 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 Slater helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Slater are both $5145, found in the 50244 zip code.
Average Slater Assessed Value
$423,928
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 Slater, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50244 | $232,855 | $313,860 | $423,928 | $510,898 | $513,724 |
Source: Ownwell
Property Tax Bills Across Slater, Iowa
In Slater, a city within Boone County, IA, property tax bills are calculated based on the assessed value of the property and the applicable tax rate. The assessed value is determined by local assessors, who evaluate the property's market value. Homeowners in Slater face a median home price of $423,928, and their property tax bills can vary significantly. For instance, the 25th percentile tax bill is $3,799, while the 75th percentile reaches $6,095, and the 90th percentile is slightly higher at $6,170. These tax bills are influenced by various factors, including property improvements, neighborhood developments, and local government budgets. Homeowners should be aware that the property tax rate in Boone County can lead to substantial annual expenses, impacting household budgets. Compared to the national median property tax rate of 0.99%, Slater's property tax rates can be quite significant, particularly for higher-valued homes. This financial obligation underscores the importance of understanding how property taxes are calculated and planning accordingly.
Average Slater Tax Bill
$5,145
Average Boone County Tax Bill
$2,464
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Slater, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50244 | $2,833 | $3,799 | $5,145 | $6,095 | $6,170 |
Source: Ownwell