Hopkinton, Iowa Property Taxes
The median property tax rate in Hopkinton, IA is 1.00%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Hopkinton at $275,358, the typical annual property tax bill reaches $2,607, which is below the national median of $2,690. Property taxes in Hopkinton are calculated based on the assessed value, which generally falls below the market value due to exemptions such as those for primary residences and agricultural properties. 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, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$2,754
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, Iowa
Property taxes in Hopkinton, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hopkinton is 1.00%, higher than both the Iowa state median of 0.99% 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 1.00%, while the same zip code also has the lowest median tax rate of 1.00%. Understanding how these cities compare with Hopkinton provides valuable insights into the varying tax landscape across Dubuque County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hopkinton Tax Rate
1.00%
Average Dubuque County Tax Rate
1.29%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hopkinton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52237 | 0.91% | 0.96% | 1.00% | 1.01% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Hopkinton, 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 Dubuque 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 highest and lowest median tax bills in the area are both $2,607 in the 52237 zip code.
Average Hopkinton Assessed Value
$275,358
Average Dubuque County Assessed Value
$216,801
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hopkinton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52237 | $236,006 | $253,186 | $275,358 | $358,841 | $499,049 |
Source: Ownwell
Property Tax Bills Across Hopkinton, Iowa
In Hopkinton, IA, property tax bills are calculated based on the assessed value of a home, which reflects its market value. The local tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition. For homeowners in Hopkinton, the median home price stands at $275,358. The property tax rate in this area results in a tax bill that varies significantly. For instance, the tax bill at the 25th percentile is $2,532, while at the 75th percentile, it reaches $3,353. At the 90th percentile, homeowners can expect to pay as much as $5,519 annually. These figures highlight how property taxes can affect household budgets differently, depending on the home's assessed value and the specific tax rate applied. Comparatively, the national median property tax rate is 0.99%, making Hopkinton's property taxes relatively moderate, yet still a significant consideration for homeowners.
Average Hopkinton Tax Bill
$2,607
Average Dubuque County Tax Bill
$2,714
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Hopkinton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52237 | $2,393 | $2,532 | $2,607 | $3,353 | $5,519 |
Source: Ownwell