Woodward, Iowa Property Taxes
The median property tax rate in Woodward, IA is 1.61%, which is considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With a median home value of $182,120 in Woodward, the typical annual property tax bill reaches $2,850, exceeding the national median of $2,690. Property taxes in Woodward 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 Woodward'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 Woodward or another part of Dallas County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Woodward, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.61%
Estimate Property Tax Bill
$2,932
Ownwell’s Woodward Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Woodward with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woodward 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 Woodward, Iowa
Property taxes in Woodward, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woodward is 1.61%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Woodward set these rates annually, and they can vary across different neighborhoods. Each year, Woodward 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 Woodward's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50276 zip code has the highest median property tax rate of 1.61%, while the same zip code also has the lowest median tax rate of 1.61%. Understanding how these cities compare with Woodward 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 Woodward Tax Rate
1.61%
Average Dallas County Tax Rate
1.62%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Woodward, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50276 | 1.08% | 1.17% | 1.61% | 1.78% | 1.87% |
Source: Ownwell
Property Tax Assessment Values Across Woodward, Iowa
In Woodward, 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 Woodward, 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 Woodward helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Woodward are both $2,850, found in the 50276 zip code.
Average Woodward Assessed Value
$182,120
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 Woodward, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50276 | $86,773 | $131,575 | $182,120 | $268,540 | $423,028 |
Source: Ownwell
Property Tax Bills Across Woodward, Iowa
Property tax bills in Woodward, Dallas County, IA, are calculated based on the assessed value of a property, which is determined by the county assessor. This assessed value is typically a percentage of the property's market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For example, in Woodward, the median home price is $182,120. With the national median property tax rate being 0.99%, homeowners in Woodward can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $2,016, while the 75th percentile tax bill reaches $3,790, and the 90th percentile tax bill can go up to $5,228. Factors such as property improvements, neighborhood developments, and changes in local government budgets can influence these assessments and rates. Consequently, homeowners might see fluctuations in their annual tax bills, impacting their overall financial planning and homeownership costs.
Average Woodward Tax Bill
$2,850
Average Dallas County Tax Bill
$3,638
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Woodward, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50276 | $893 | $2,016 | $2,850 | $3,790 | $5,228 |
Source: Ownwell