Jesup, Buchanan County, Iowa Property Taxes
The median property tax rate in Jesup, IA is 1.60%, significantly higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Jesup at $183,360, the typical annual property tax bill reaches $2,794, slightly above the national median of $2,690. Property taxes in Jesup are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Jesup'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 Jesup or another part of Buchanan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Jesup, Buchanan County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.6%
Estimate Property Tax Bill
$2,934
$2,722
Ownwell’s Jesup Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jesup with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jesup 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 Jesup, Buchanan County, Iowa
Property taxes in Jesup, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jesup is 1.60%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Jesup set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jesup 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 Jesup's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50648 zip code has the highest median property tax rate of 1.60%, while the same zip code also has the lowest median tax rate of 1.60%. Understanding how these cities compare with Jesup provides valuable insights into the varying tax landscape across Buchanan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jesup Tax Rate
1.60%
Average Buchanan County Tax Rate
1.39%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jesup, Buchanan County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50648 | 1.16% | 1.30% | 1.60% | 1.66% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Jesup, Buchanan County, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Jesup, Iowa. 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 Buchanan 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 Jesup, 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the median home price in Jesup is $183,360, with tax bills ranging from $1,926 at the 25th percentile to $5,163 at the 90th percentile. The highest and lowest median tax bills both stand at $2,794 in the 50648 zip code.
Property Tax Assessment Values Across Jesup, Buchanan County, Iowa
Source: Ownwell
$72,350
$156,665
$240,980
Average Jesup Assessed Value
$183,360
Average Buchanan County Assessed Value
$154,105
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jesup, Buchanan County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50648 | $77,660 | $129,035 | $183,360 | $262,135 | $361,200 |
Source: Ownwell
Property Tax Bills Across Jesup, Buchanan County, Iowa
In Jesup, Buchanan County, IA, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and is meant to represent the market value of the property. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as property improvements, changes in market conditions, and neighborhood developments can influence the assessed value. For homeowners in Jesup, the tax bill can vary significantly, with the 25th percentile tax bill around $1,926 and the 75th percentile reaching $3,936. At the 90th percentile, tax bills can go up to $5,163, indicating a wide range of property values and tax burdens within the area. Compared to the national median property tax rate of 0.99%, homeowners in Jesup may find their property tax rates and bills to be relatively comparable, depending on the specific assessed value of their property. This variability can significantly impact homeowners' annual financial planning and overall cost of living.
Average Jesup Tax Bill
$2,794
Average Buchanan County Tax Bill
$2,162
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Jesup, Buchanan County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50648 | $1,018 | $1,926 | $2,794 | $3,936 | $5,163 |
Source: Ownwell