Peterson, Clay County, Iowa Property Taxes
The median property tax rate in Peterson, IA is 1.37%, 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 Peterson at $74,500, the typical annual property tax bill amounts to $1,014, which is still below the national median of $2,690. Property taxes in Peterson are calculated based on the assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Peterson'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 Peterson 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
Peterson, Clay County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$1,021
$947
Ownwell’s Peterson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Peterson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Peterson 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 Peterson, Clay County, Iowa
Property taxes in Peterson, Iowa, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Peterson is 1.37%, significantly higher than the U.S. national median of 0.99%. Local government entities within Peterson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Peterson 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 Peterson's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51047 zip code has the highest median property tax rate of 1.37%, while the same zip code also has the lowest median tax rate of 1.37%. Understanding how these cities compare with Peterson 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 Peterson Tax Rate
1.37%
Average Clay County Tax Rate
1.37%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Peterson, Clay County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51047 | 0.83% | 1.08% | 1.37% | 1.61% | 1.67% |
Source: Ownwell
Property Tax Assessment Values Across Peterson, Clay County, Iowa
In Peterson, 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 local 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 Peterson, 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 Peterson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Peterson is $1,014 in zip code 51047, while the lowest is also $1,014 in the same zip code.
Property Tax Assessment Values Across Peterson, Clay County, Iowa
Source: Ownwell
$57,080
$137,660
$218,240
Average Peterson Assessed Value
$74,500
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 Peterson, Clay County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51047 | $12,510 | $38,140 | $74,500 | $129,340 | $231,506 |
Source: Ownwell
Property Tax Bills Across Peterson, Clay County, Iowa
In Peterson, Clay 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, who evaluates the market value of the property. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. Several factors influence the assessed value, including property size, location, and condition. For instance, the median home price in Peterson is $74,500, which serves as a baseline for many assessments. Homeowners in the 25th percentile can expect tax bills around $490, while those in the 75th percentile may see amounts up to $1,638. The top 10% of properties face tax bills as high as $2,674. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community. Compared to the national median property tax rate of 0.99%, Peterson's tax rates can vary significantly, affecting overall affordability and the financial burden on homeowners.
Average Peterson Tax Bill
$1,014
Average Clay County Tax Bill
$1,910
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Peterson, Clay County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51047 | $166 | $490 | $1,014 | $1,638 | $2,674 |
Source: Ownwell