Jamaica, Iowa Property Taxes
The median property tax rate in Jamaica, IA is 1.05%, which is slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $175,650 in Jamaica, the typical annual property tax bill amounts to $1,856, which is below the national median of $2,690. Property taxes in Jamaica are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. By understanding Jamaica's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you're in the heart of Jamaica or another part of Dallas County, a thorough grasp of the local property tax system will prove beneficial.
Last Updated June 14, 2024
Jamaica, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$1,844
Ownwell’s Jamaica Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jamaica with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jamaica 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 Jamaica, Iowa
Property taxes in Jamaica, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jamaica is 1.18%, significantly higher than both the Iowa state median of 1.50% and the U.S. national median of 0.99%. Local government entities within Jamaica set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jamaica 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 Jamaica's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code with the highest median property tax rate in Dallas County has a rate of 1.50%, while the lowest median tax rate in the same county is also 1.50%. Understanding how these cities compare with Jamaica provides valuable insights into the varying tax landscape across Dallas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jamaica Tax Rate
1.05%
Average Dallas County Tax Rate
1.62%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jamaica, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50128 | 0.86% | 0.91% | 1.05% | 1.23% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Jamaica, Iowa
In Jamaica, 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 Dallas 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 Jamaica, 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 Jamaica helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $1856 in zip code 50128, which is also the lowest median tax bill in the area.
Average Jamaica Assessed Value
$175,650
Average Dallas County Assessed Value
$264,500
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jamaica, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50128 | $105,790 | $155,875 | $175,650 | $348,965 | $540,350 |
Source: Ownwell
Property Tax Bills Across Jamaica, Iowa
In Jamaica, Dallas County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $175,650, homeowners can expect varying tax bills depending on specific circumstances. The 25th percentile tax bill is around $1,282, while the 75th percentile tax bill can reach up to $3,526. At the higher end, the 90th percentile tax bill is approximately $6,402. Several factors influence these amounts, including changes in the assessed property value, local government budgets, and specific tax levies for schools, infrastructure, and public services. Compared to the national median property tax rate of 0.99%, the tax rates in Jamaica can significantly impact homeowners' financial planning. Understanding these factors helps residents anticipate their financial obligations and plan accordingly to manage their property tax bills effectively.
Average Jamaica Tax Bill
$1,856
Average Dallas County Tax Bill
$3,638
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Jamaica, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50128 | $924 | $1,282 | $1,856 | $3,526 | $6,402 |
Source: Ownwell