Decatur, Decatur County, Iowa Property Taxes
The median property tax rate in Decatur, Iowa is 1.38%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $49,526 in Decatur, the typical annual property tax bill is $722, significantly below the national median of $2,690. Property taxes in Decatur are calculated based on the assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Decatur's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Decatur or elsewhere in the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Decatur, Decatur County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.38%
Estimate Property Tax Bill
$683
$634
Ownwell’s Decatur Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Decatur with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Decatur 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 Decatur, Decatur County, Iowa
Property taxes in Decatur, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Decatur is 1.38%, significantly higher than the U.S. national median of 0.99%. Local government entities within Decatur set these rates annually, and they can vary significantly across different neighborhoods. Each year, Decatur 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 Decatur's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50067 zip code has the highest median property tax rate of 1.38%, while the same zip code also has the lowest median tax rate of 1.38%. Understanding how these areas compare with Decatur provides valuable insights into the varying tax landscape across Decatur County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Decatur Tax Rate
1.38%
Average Decatur County Tax Rate
1.59%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Decatur, Decatur County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50067 | 0.64% | 1.03% | 1.38% | 1.77% | 2.33% |
Source: Ownwell
Property Tax Assessment Values Across Decatur, Decatur County, Iowa
In Decatur, 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 Decatur 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 Decatur, 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 Decatur helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills both stand at $722.00 in the 50067 zip code.
Property Tax Assessment Values Across Decatur, Decatur County, Iowa
Source: Ownwell
$24,310
$69,241
$114,172
Average Decatur Assessed Value
$49,526
Average Decatur County Assessed Value
$57,520
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Decatur, Decatur County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50067 | $3,180 | $11,720 | $49,526 | $106,158 | $193,376 |
Source: Ownwell
Property Tax Bills Across Decatur, Decatur County, Iowa
In Decatur, Iowa, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and is typically a percentage of the market value. Homeowners in Decatur can expect their property tax bill to vary significantly, depending on the value of their property and the specific tax rates applied. For a median home price of $49,526, tax bills in Decatur can range widely. Homeowners at the 25th percentile pay around $194, while those at the 75th percentile face bills of approximately $1,434. At the 90th percentile, tax bills can be as high as $2,401, reflecting the significant variation in property values and tax rates within the county. The highest median tax bill in Decatur is $722, which is considerably lower than the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership more affordable, but it also means that local services may rely on other funding sources. Understanding these factors helps homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Decatur Tax Bill
$722
Average Decatur County Tax Bill
$928
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Decatur, Decatur County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50067 | $36 | $194 | $722 | $1,434 | $2,401 |
Source: Ownwell