Elwood, Iowa Property Taxes
The median property tax rate in Elwood, IA is 1.21%, which is 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 Elwood, the typical annual property tax bill reaches $1,248, which is below the national median of $2,690. Property taxes in Elwood 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 Elwood'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 Elwood or another part of Clinton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elwood, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$1,221
Ownwell’s Elwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elwood 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 Clinton County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Elwood, Iowa
Property taxes in Elwood, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elwood is 1.21%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Elwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elwood 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 Elwood's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52254 zip code has the highest median property tax rate of 1.21%, while the same zip code also has the lowest median tax rate of 1.21%. Understanding how these cities compare with Elwood provides valuable insights into the varying tax landscape across Clinton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elwood Tax Rate
1.21%
Average Clinton County Tax Rate
1.59%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elwood, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52254 | 1.13% | 1.17% | 1.21% | 1.30% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Elwood, Iowa
In Elwood, 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 Clinton 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 Elwood, 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. With a median home price of $100,950, the tax bills range significantly, with the 25th percentile at $936 and the 75th percentile at $1,816. The highest median tax bill in the area is $1,248 in the 52254 zip code, which also has the lowest median tax bill at the same amount. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elwood Assessed Value
$100,950
Average Clinton County Assessed Value
$133,420
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elwood, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52254 | $61,842 | $81,348 | $100,950 | $150,115 | $189,604 |
Source: Ownwell
Property Tax Bills Across Elwood, Iowa
In Elwood, located in Clinton County, IA, property tax bills are determined based on the assessed value of a home and the local tax rate. The median home price in Elwood stands at $100,950, and homeowners can expect to pay a property tax bill that varies significantly depending on several factors. For instance, the tax bill at the 25th percentile is around $936, while at the 75th percentile, it rises to approximately $1816. At the 90th percentile, the tax bill can reach as high as $2615. These figures reflect the range of property tax burdens homeowners may face, influenced by the assessed value of their property and applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Elwood's property taxes can have a notable impact on homeowners' finances. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their budgets accordingly.
Average Elwood Tax Bill
$1,248
Average Clinton County Tax Bill
$2,178
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Elwood, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52254 | $809 | $936 | $1,248 | $1,816 | $2,615 |
Source: Ownwell