Waverly, Iowa Property Taxes
The median property tax rate in Waverly, 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 the median home value in Waverly at $341,390, the typical annual property tax bill reaches $3,922, significantly exceeding the national median of $2,690. Property taxes in Waverly 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 Waverly'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 Waverly 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
Waverly, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$3,824
Ownwell’s WAVERLY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in WAVERLY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in WAVERLY 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 Waverly, Iowa
Property taxes in Waverly, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waverly is 1.12%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Waverly set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waverly 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 Waverly's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50677 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 Waverly provides valuable insights into the varying tax landscape across Butler County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waverly Tax Rate
1.12%
Average Butler County Tax Rate
1.42%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waverly, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50677 | 1.07% | 1.07% | 1.12% | 1.18% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Waverly, Iowa
In Waverly, 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 Butler 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 Waverly, 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 Waverly helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Waverly is $341,390, with tax bills ranging from $2,990 at the 25th percentile to $6,370 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 50677, with a median tax bill of $3,922.
Average Waverly Assessed Value
$341,390
Average Butler County Assessed Value
$143,820
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waverly, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50677 | $216,144 | $258,160 | $341,390 | $447,220 | $536,750 |
Source: Ownwell
Property Tax Bills Across Waverly, Iowa
In Waverly, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. This assessed value is a percentage of the property's market value. Once the assessed value is established, local tax rates are applied to calculate the final tax bill. Several factors influence the assessed value, including the property's location, size, and condition, as well as recent sales of comparable properties in the area. In Waverly, the median home price is $341,390, and the property tax rate in Butler County impacts the final tax bill significantly. Homeowners in Waverly see tax bills ranging from $2,990 at the 25th percentile to $6,370 at the 90th percentile, with the median tax bill being $3,922. This system ensures that property taxes reflect the market trends and property values, which can affect homeowners by increasing their annual expenses as property values rise. Compared to the national median property tax rate of 0.99%, Waverly's tax rates can be higher, impacting the overall affordability for residents.
Average Waverly Tax Bill
$3,922
Average Butler County Tax Bill
$1,964
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Waverly, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50677 | $2,409 | $2,990 | $3,922 | $4,804 | $6,370 |
Source: Ownwell