Woodward, Boone County, Iowa Property Taxes
The median property tax rate in Woodward, IA is 1.08%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $251,969, the typical annual property tax bill in Woodward reaches $2,676, which is just under the national median of $2,690. Property taxes in Woodward are calculated based on the tax assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. By understanding Woodward's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can realize significant annual savings. Whether you're in the heart of Woodward or another part of Boone County, gaining a thorough understanding of the local property tax system is crucial for maximizing your financial benefits.
Last Updated June 14, 2024
Woodward, Boone County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$2,721
$2,525
Ownwell’s Woodward Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Woodward with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woodward 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 Woodward, Boone County, Iowa
Property taxes in Woodward, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woodward is 1.08%, higher than the U.S. national median of 0.99%. Local government entities within Woodward set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woodward 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 Woodward's effective property tax rate to other areas and the national median. For comparison, the zip code 50276 has the highest median property tax rate of 1.08%, while the same zip code also has the lowest median tax rate of 1.08%. Understanding how these areas compare with Woodward 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 Woodward Tax Rate
1.08%
Average Boone County Tax Rate
1.33%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Woodward, Boone County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50276 | 0.92% | 1.01% | 1.08% | 1.16% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Woodward, Boone County, Iowa
In Woodward, 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 Woodward, 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. For instance, the median home price in Woodward is $251,969, with tax bills ranging from $1,781 at the 25th percentile to $4,201 at the 90th percentile. Notably, the highest and lowest median tax bills are both $2,676 in the 50276 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Woodward, Boone County, Iowa
Source: Ownwell
$43,754
$227,632
$411,509
Average Woodward Assessed Value
$251,969
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 Woodward, Boone County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50276 | $111,688 | $172,576 | $251,969 | $319,165 | $390,097 |
Source: Ownwell
Property Tax Bills Across Woodward, Boone County, Iowa
In Woodward, located in Boone County, IA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by county assessors who evaluate the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For example, the median home price in Woodward is $251,969. With property tax bills ranging from $1,781 at the 25th percentile to $4,201 at the 90th percentile, homeowners face varying tax burdens depending on their home's assessed value and specific tax rate. Factors such as property improvements, neighborhood developments, and changes in the local tax rate can influence the assessed value and, consequently, the tax bill. These property taxes play a crucial role in funding local services like schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, the property tax rates in Woodward can significantly impact homeowners, making it essential for them to stay informed about their property assessments and potential tax liabilities.
Average Woodward Tax Bill
$2,676
Average Boone County Tax Bill
$2,464
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Woodward, Boone County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50276 | $1,223 | $1,781 | $2,676 | $3,471 | $4,201 |
Source: Ownwell