Maynard, Fayette County, Iowa Property Taxes
The median property tax rate in Maynard, IA is 1.49%, which is considerably higher than the national median of 0.99% but slightly below the Iowa state median of 1.54%. With a median home value of $128,500 in Maynard, the typical annual property tax bill reaches $1,842, which is still below the national median of $2,690. Property taxes in Maynard 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 Maynard'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 Maynard 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
Maynard, Fayette County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.49%
Estimate Property Tax Bill
$1,915
$1,777
Ownwell’s MAYNARD Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MAYNARD with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MAYNARD 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 Maynard, Fayette County, Iowa
Property taxes in Maynard, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Maynard is 1.49%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Maynard set these rates annually, and they can vary significantly across different neighborhoods. Each year, Maynard 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 Maynard's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50655 zip code has the highest median property tax rate of 1.49%, while the lowest median tax rate is also 1.49%. Understanding how these cities compare with Maynard provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Maynard Tax Rate
1.49%
Average Fayette County Tax Rate
1.39%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Maynard, Fayette County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50655 | 1.07% | 1.24% | 1.49% | 1.62% | 1.66% |
Source: Ownwell
Property Tax Assessment Values Across Maynard, Fayette County, Iowa
In Maynard, 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 Fayette 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 Maynard, 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 Maynard 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 $1,842, found in the 50655 zip code.
Property Tax Assessment Values Across Maynard, Fayette County, Iowa
Source: Ownwell
$59,830
$192,195
$324,560
Average Maynard Assessed Value
$128,500
Average Fayette County Assessed Value
$118,020
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Maynard, Fayette County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50655 | $49,186 | $78,385 | $128,500 | $207,455 | $365,474 |
Source: Ownwell
Property Tax Bills Across Maynard, Fayette County, Iowa
In Maynard, located in Fayette County, IA, property tax bills are determined by the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value, which is determined by the county assessor. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. Factors such as property size, location, and improvements can affect the assessed value. For instance, with a median home price of $128,500, homeowners in Maynard can expect to pay a property tax bill ranging from $1,145 at the 25th percentile to $4,738 at the 90th percentile. The highest and lowest median tax bills in the area both stand at $1,842, reflecting the uniformity in tax assessments within the region. Compared to the national median property tax rate of 0.99%, Maynard's property taxes can be considered moderate. These taxes fund essential local services such as schools, infrastructure, and public safety, directly impacting the community's quality of life.
Average Maynard Tax Bill
$1,842
Average Fayette County Tax Bill
$1,568
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Maynard, Fayette County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50655 | $710 | $1,145 | $1,842 | $2,634 | $4,738 |
Source: Ownwell