Marathon, Iowa Property Taxes
The median property tax rate in Marathon, IA is 1.29%, 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 Marathon at $194,040, the typical annual property tax bill reaches $2,502, which is below the national median of $2,690. Property taxes in Marathon 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 Marathon'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 Marathon 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
Marathon, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.29%
Estimate Property Tax Bill
$2,503
-$26,233
Ownwell’s Marathon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marathon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marathon 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 Marathon, Iowa
Property taxes in Marathon, Iowa, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marathon is 1.29%, notably higher than the U.S. national median of 0.99%. Local government entities within Marathon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marathon 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 Marathon's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50565 zip code has the highest median property tax rate of 1.29%, while the same zip code also has the lowest median tax rate of 1.29%. Understanding how these cities compare with Marathon provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marathon Tax Rate
1.29%
Average Clay County Tax Rate
1.37%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marathon, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50565 | 1.29% | 1.29% | 1.29% | 1.29% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Marathon, Iowa
In Marathon, 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 county 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 Marathon, 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 Marathon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Marathon is $2,502 in the 50565 zip code, which is also the lowest median tax bill in the area.
Average Marathon Assessed Value
$194,040
Average Clay County Assessed Value
$145,050
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marathon, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50565 | $194,040 | $194,040 | $194,040 | $194,040 | $194,040 |
Source: Ownwell
Property Tax Bills Across Marathon, Iowa
In Marathon, located in Clay County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as the size, location, and condition of the property, as well as any improvements or renovations, play a significant role in determining the assessed value. For homeowners in Marathon, the median home price stands at $194,040, with a consistent property tax bill of $2,502 across various percentiles, indicating a uniform tax rate application. This tax bill is notably higher than the national median property tax rate of 0.99%, reflecting local funding needs and priorities. Homeowners need to consider these property taxes as a significant part of their annual expenses, impacting their overall financial planning and home affordability. Understanding the local property tax structure is crucial for managing costs and making informed real estate decisions.
Average Marathon Tax Bill
$2,502
Average Clay County Tax Bill
$1,910
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Marathon, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50565 | $2,502 | $2,502 | $2,502 | $2,502 | $2,502 |
Source: Ownwell