Fairbank, Iowa Property Taxes
The median property tax rate in Fairbank, IA is 1.12%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $236,370 in Fairbank, the typical annual property tax bill is $2,652, slightly below the national median of $2,690. Property taxes in Fairbank 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. Understanding Fairbank'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 Fairbank or another part of Bremer County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fairbank, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$2,647
Ownwell’s Fairbank Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairbank with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairbank 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 Fairbank, Iowa
Property taxes in Fairbank, Iowa, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairbank is 1.12%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Fairbank set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairbank 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 Fairbank's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50629 zip code has the highest median property tax rate of 1.12%, while the same zip code also has the lowest median tax rate of 1.12%. Understanding how these cities compare with Fairbank provides valuable insights into the varying tax landscape across Bremer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairbank Tax Rate
1.12%
Average Bremer County Tax Rate
1.48%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairbank, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50629 | 1.04% | 1.08% | 1.12% | 1.22% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Fairbank, Iowa
In Fairbank, 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 Bremer 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 Fairbank, 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 example, the median home price in Fairbank is $236,370, with property tax bills ranging from $1,895 at the 25th percentile to $4,333 at the 90th percentile. The zip code 50629 has the highest and lowest median tax bill of $2,652. 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 Fairbank helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fairbank Assessed Value
$236,370
Average Bremer County Assessed Value
$189,165
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairbank, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50629 | $93,476 | $161,545 | $236,370 | $315,010 | $394,122 |
Source: Ownwell
Property Tax Bills Across Fairbank, Iowa
In Fairbank, located in Bremer County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For context, the median home price in Fairbank is $236,370. Several factors influence the tax bill, including the property's location, size, and condition, as well as any applicable exemptions or deductions. Homeowners in Fairbank experience a range of tax bills, with the 25th percentile paying around $1,895 annually, while those in the 75th percentile see bills closer to $3,448. At the higher end, the 90th percentile faces tax bills up to $4,333. These property taxes are crucial for funding local services such as schools, emergency services, and infrastructure. For homeowners, understanding how their tax bill is calculated helps them better manage their finances and anticipate annual costs.
Average Fairbank Tax Bill
$2,652
Average Bremer County Tax Bill
$2,696
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairbank, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50629 | $1,101 | $1,895 | $2,652 | $3,448 | $4,333 |
Source: Ownwell