Masonville, Delaware County, Iowa Property Taxes
The median property tax rate in Masonville, IA is 1.40%, which is notably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value in Masonville, the typical annual property tax bill amounts to $2,010, still under the national median of $2,690. Property taxes in Masonville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, including primary residence and agricultural exemptions. Understanding Masonville'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 Masonville or another part of Delaware County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Masonville, Delaware County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$2,049
$1,901
Ownwell’s Masonville Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Masonville with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Masonville to estimate your property tax bill. This intuitive tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, scroll down to discover more localized information. Your property’s assessed value is the value assigned by Delaware County for property tax calculations, accounting for any applicable exemptions.
Property Tax Rates Across Masonville, Delaware County, Iowa
Property taxes in Masonville, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Masonville is 1.40%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Masonville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Masonville 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 Masonville's effective property tax rate to other areas in Iowa and the national median. For comparison, the 50654 zip code has both the highest and lowest median property tax rate of 1.40%. Understanding how these areas compare with Masonville 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 Masonville Tax Rate
1.40%
Average Delaware County Tax Rate
1.30%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Masonville, Delaware County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50654 | 1.06% | 1.16% | 1.40% | 1.80% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Masonville, Delaware County, Iowa
In Masonville, 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 Masonville, 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 Masonville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2,010 in the 50654 zip code, while the lowest median tax bill is also $2,010 in the same zip code.
Property Tax Assessment Values Across Masonville, Delaware County, Iowa
Source: Ownwell
$89,650
$190,725
$291,800
Average Masonville Assessed Value
$146,350
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 Masonville, Delaware County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50654 | $20,740 | $56,375 | $146,350 | $301,575 | $450,820 |
Source: Ownwell
Property Tax Bills Across Masonville, Delaware County, Iowa
In Masonville, Delaware County, IA, property tax bills are calculated based on the assessed value of a home, which is then multiplied by the local tax rate. The median home price in Masonville is $146,350, and the tax rate is applied to this value to determine the tax bill. Several factors influence the tax bill, including the home's assessed value, any applicable exemptions, and the local tax rate set by the county authorities. Homeowners in Masonville can expect property tax bills that vary significantly. For instance, the 25th percentile tax bill is $994, while the 75th percentile reaches $3,568, and the 90th percentile can go up to $6,109. These variations are due to differences in property values and the specific exemptions homeowners may qualify for. Compared to the national median property tax rate of 0.99%, Masonville's tax bills reflect both the local property values and the county's tax policies. Homeowners should be aware of these factors as they can significantly impact their annual expenses.
Average Masonville Tax Bill
$2,010
Average Delaware County Tax Bill
$2,420
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Masonville, Delaware County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50654 | $345 | $994 | $2,010 | $3,568 | $6,109 |
Source: Ownwell