Grand River, Iowa Property Taxes
The median property tax rate in Grand River, IA is 1.29%, 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 $46,392 in Grand River, the typical annual property tax bill comes to $602, significantly below the national median of $2,690. Property taxes in Grand River are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Grand River'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 Grand River or another part of Decatur County, comprehending the local property tax system benefits both homeowners and real estate investors.
Last Updated June 14, 2024
Grand River, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.29%
Estimate Property Tax Bill
$598
Ownwell’s Grand River Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grand River with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grand River 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 Grand River, Iowa
Property taxes in Grand River, Iowa, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Grand River is 1.29%, significantly higher than the U.S. national median of 0.99%. Local government entities within Grand River set these rates annually, and they can vary across different neighborhoods. Each year, Grand River 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 Grand River's effective property tax rate to other areas in Decatur County and the national median. For comparison, the zip code 50108 has the highest median property tax rate of 1.29%, while the lowest median tax rate in the same zip code is also 1.29%. Understanding how these figures compare with Grand River 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 Grand River Tax Rate
1.29%
Average Decatur County Tax Rate
1.59%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grand River, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50108 | 0.58% | 0.87% | 1.29% | 1.76% | 2.26% |
Source: Ownwell
Property Tax Assessment Values Across Grand River, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Grand River, Iowa. 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 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 Grand River, 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 Grand River helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 50108, at $602.00, which is also the lowest median tax bill in the area.
Average Grand River Assessed Value
$46,392
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 Grand River, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50108 | $2,500 | $18,899 | $46,392 | $86,738 | $141,485 |
Source: Ownwell
Property Tax Bills Across Grand River, Iowa
In Grand River, property tax bills are calculated based on the assessed value of a home, which is determined by the Decatur County Assessor. The median home price in Grand River stands at $46,392. Property taxes are then calculated by applying the local tax rate to this assessed value. The tax rate in Grand River can vary, but it is influenced by the county's budgetary needs and the value of properties within the area. Several factors contribute to the final tax bill, including property size, location, and any applicable exemptions. Homeowners in Grand River can expect their property tax bills to fall within a range, with the 25th percentile tax bill at $152 and the 75th percentile tax bill at $1,238. For those in the 90th percentile, tax bills can reach up to $2,099. This variability means that property taxes can significantly impact homeowners, especially when compared to the national median property tax rate of 0.99%. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Grand River Tax Bill
$602
Average Decatur County Tax Bill
$928
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Grand River, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50108 | $20 | $152 | $602 | $1,238 | $2,099 |
Source: Ownwell