Hopkinton, Delaware County, Iowa Property Taxes
The median property tax rate in Hopkinton, IA is 1.21%, which is considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Hopkinton at $171,750, the typical annual property tax bill reaches $1,999, falling below the national median of $2,690. Property taxes in Hopkinton 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 Hopkinton'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 Hopkinton or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hopkinton, Delaware County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$2,078
$1,928
Ownwell’s Hopkinton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hopkinton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hopkinton 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 Hopkinton, Delaware County, Iowa
Property taxes in Hopkinton, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hopkinton stands at 1.21%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Hopkinton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hopkinton 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 Hopkinton's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52237 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 Hopkinton provides valuable insights into the varying tax landscape across Delaware County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hopkinton Tax Rate
1.21%
Average Delaware County Tax Rate
1.30%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hopkinton, Delaware County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52237 | 0.92% | 0.99% | 1.21% | 1.37% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Hopkinton, Delaware County, Iowa
In Hopkinton, 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 Delaware 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 Hopkinton, 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 Hopkinton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Hopkinton is $171,750, with the highest and lowest median tax bills both recorded at $1,999 in the 52237 zip code.
Property Tax Assessment Values Across Hopkinton, Delaware County, Iowa
Source: Ownwell
$89,650
$190,725
$291,800
Average Hopkinton Assessed Value
$171,750
Average Delaware County Assessed Value
$182,000
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hopkinton, Delaware County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52237 | $42,890 | $98,575 | $171,750 | $269,325 | $374,720 |
Source: Ownwell
Property Tax Bills Across Hopkinton, Delaware County, Iowa
In Hopkinton, Delaware County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This 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 $171,750, homeowners can expect a variety of tax bills depending on their property's specific assessed value. Factors such as location, property size, and improvements significantly influence the assessed value. In Hopkinton, tax bills can vary widely, with the 25th percentile tax bill at $1,218 and the 75th percentile reaching $3,030. The 90th percentile tax bill can go as high as $4,242. These variations impact homeowners differently, depending on their property's value and the local tax rate. Compared to the national median property tax rate of 0.99%, Hopkinton's tax bills reflect the specific economic and regulatory environment of Delaware County, ensuring that tax burdens are distributed according to property values and local funding needs.
Average Hopkinton Tax Bill
$1,999
Average Delaware County Tax Bill
$2,420
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Hopkinton, Delaware County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52237 | $491 | $1,218 | $1,999 | $3,030 | $4,242 |
Source: Ownwell