Worthington, Iowa Property Taxes
The median property tax rate in Worthington, IA is 1.06%, 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 $192,248 in Worthington, the typical annual property tax bill amounts to $2,006, falling below the national median of $2,690. Property taxes in Worthington are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Navigating Worthington'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 Worthington or another part of Dubuque County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Worthington, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$2,038
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, Iowa
Property taxes in Worthington, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Worthington is 1.06%, higher than both the Iowa state median and 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 both the highest and lowest median property tax rate of 1.06%. Understanding how these cities compare with Worthington 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 Worthington Tax Rate
1.06%
Average Dubuque County Tax Rate
1.29%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Worthington, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52078 | 0.89% | 0.99% | 1.06% | 1.12% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Worthington, 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 Dubuque 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 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. The median home price in Worthington is $192,248, with property tax bills ranging from $1,556 at the 25th percentile to $3,948 at the 90th percentile. The zip code 52078 has both the highest and lowest median tax bill at $2,006. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Worthington Assessed Value
$192,248
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 Worthington, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52078 | $115,400 | $146,948 | $192,248 | $274,450 | $377,774 |
Source: Ownwell
Property Tax Bills Across Worthington, Iowa
In Worthington, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is a percentage of the market value, reflecting the property's worth in the current real estate market. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the property's size, location, age, and condition. For instance, homes in desirable neighborhoods or with recent renovations may have higher assessed values. In Worthington, homeowners can expect a median property tax bill of around $2,006, which aligns with the highest and lowest median tax bills reported in the area. This tax bill can significantly impact homeowners, influencing their overall housing costs. For example, at the 25th percentile, the tax bill is $1,556, while at the 75th percentile, it rises to $2,813. Comparatively, the national median property tax rate is 0.99%, highlighting how local rates and home values can vary significantly.
Average Worthington Tax Bill
$2,006
Average Dubuque County Tax Bill
$2,714
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Worthington, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52078 | $1,182 | $1,556 | $2,006 | $2,813 | $3,948 |
Source: Ownwell