Wadena, Iowa Property Taxes
The median property tax rate in Wadena, IA is 1.20%, 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 $119,560 in Wadena, the typical annual property tax bill amounts to $1,274, which is below the national median of $2,690. Property taxes in Wadena are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Wadena'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 Wadena or another part of Fayette County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wadena, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$1,435
Ownwell’s Wadena Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential property buyers to estimate their annual property taxes in Wadena with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wadena to give you an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in more granular insights, scrolling down reveals trends at the neighborhood level. Your property’s assessed value is determined by the county for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Wadena, Iowa
Property taxes in Wadena, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wadena is 1.25%, significantly higher than both the Iowa state median of 1.53% and the U.S. national median of 0.99%. Local government entities within Wadena set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wadena 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 Wadena's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52169 zip code has the highest median property tax rate of 1.25%, while the same zip code has the lowest median tax rate of 1.25%. Understanding how these cities compare with Wadena 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 Wadena Tax Rate
1.20%
Average Fayette County Tax Rate
1.39%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wadena, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52169 | 0.81% | 0.98% | 1.20% | 1.38% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Wadena, Iowa
In Wadena, 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 Wadena, 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. In Wadena, the median home price is approximately $119,560, with tax bills ranging from $692 at the 25th percentile to $3,769 at the 90th percentile. The zip code 52169 has the highest and lowest median tax bill at $1,274. 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 Wadena helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wadena Assessed Value
$119,560
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 Wadena, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52169 | $32,722 | $57,730 | $119,560 | $217,885 | $327,586 |
Source: Ownwell
Property Tax Bills Across Wadena, Iowa
In Wadena, located in Fayette County, IA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor and is intended to reflect the market value of the property. The property tax rate is then applied to this assessed value to determine the annual tax bill. In Wadena, homeowners can expect a wide range of property tax bills. For example, the tax bill at the 25th percentile is $692, while at the 75th percentile, it rises to $2,275. At the 90th percentile, homeowners might see tax bills as high as $3,769. The median home price in Wadena is $119,560, and the median property tax rate in the area is competitive when compared to the national median rate of 0.99%. These taxes are crucial for funding local services such as schools, infrastructure, and emergency services, directly impacting the community and homeowners' quality of life.
Average Wadena Tax Bill
$1,274
Average Fayette County Tax Bill
$1,568
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Wadena, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52169 | $378 | $692 | $1,274 | $2,275 | $3,769 |
Source: Ownwell