Worthington, Delaware County, Iowa Property Taxes
The median property tax rate in Worthington, IA is 1.14%, which is higher than both the national median of 0.99% and the Iowa state median of 1.54%. With a median home value of $255,500 in Worthington, the typical annual property tax bill reaches $2,844, exceeding the national median of $2,690. Property taxes in Worthington are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Worthington'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 Worthington 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
Worthington, Delaware County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$2,913
$2,703
Ownwell’s Worthington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Worthington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Worthington 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 Worthington, Delaware County, Iowa
Property taxes in Worthington, Iowa, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Worthington is 1.14%, which is higher than the U.S. national median of 0.99%. Local government entities within Worthington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Worthington 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 Worthington's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52078 zip code has the highest median property tax rate of 1.14%, while the same zip code also has the lowest median tax rate of 1.14%. Understanding how these cities compare with Worthington 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 Worthington Tax Rate
1.14%
Average Delaware County Tax Rate
1.30%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Worthington, Delaware County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52078 | 1.01% | 1.09% | 1.14% | 1.19% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across Worthington, Delaware County, Iowa
In Worthington, 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 Worthington, 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 Worthington 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 $2,844 in the 52078 zip code, which is also the lowest median tax bill.
Property Tax Assessment Values Across Worthington, Delaware County, Iowa
Source: Ownwell
$89,650
$190,725
$291,800
Average Worthington Assessed Value
$255,500
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 Worthington, Delaware County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52078 | $139,700 | $196,500 | $255,500 | $322,550 | $392,180 |
Source: Ownwell
Property Tax Bills Across Worthington, Delaware County, Iowa
Property tax bills in Worthington, Delaware County, IA, are calculated based on the assessed value of a property, which is determined by local tax assessors. The assessed value is a percentage of the property's market value, reflecting its worth in the current real estate market. Local tax rates are then applied to this assessed value to determine the annual tax bill. For homeowners in Worthington, the median home price stands at $255,500. Property tax bills can vary significantly, with the 25th percentile tax bill at $2,243 and the 75th percentile reaching $4,044. The 90th percentile tax bill is even higher at $4,510. Compared to the national median property tax rate of 0.99%, homeowners in Worthington may find their tax bills to be substantial, impacting their overall housing costs. Factors such as changes in market value, local tax rates, and any applicable exemptions can all influence the final tax amount, making it essential for homeowners to stay informed and proactive about their property taxes.
Average Worthington Tax Bill
$2,844
Average Delaware County Tax Bill
$2,420
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Worthington, Delaware County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52078 | $1,488 | $2,243 | $2,844 | $4,044 | $4,510 |
Source: Ownwell