Waucoma, Fayette County, Iowa Property Taxes
The median property tax rate in Waucoma, IA is 1.17%, which is higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Waucoma, the typical annual property tax bill reaches $1,318, falling below the national median of $2,690. Property taxes in Waucoma are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Waucoma'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 Waucoma 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
Waucoma, Fayette County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$1,516
$1,407
Ownwell’s Waucoma Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waucoma with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waucoma 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 Waucoma, Fayette County, Iowa
Property taxes in Waucoma, Iowa, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Waucoma is 1.17%, higher than both the Iowa state median of 1.50% and the U.S. national median of 0.99%. Local government entities within Waucoma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waucoma 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 Waucoma's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52171 zip code has the highest median property tax rate of 1.17%, while the 52171 zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Waucoma 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 Waucoma Tax Rate
1.17%
Average Fayette County Tax Rate
1.39%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waucoma, Fayette County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52171 | 0.84% | 0.94% | 1.17% | 1.31% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Waucoma, Fayette County, Iowa
In Waucoma, 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 Waucoma, 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 Waucoma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 52171 has the highest and lowest median tax bill at $1,318.
Property Tax Assessment Values Across Waucoma, Fayette County, Iowa
Source: Ownwell
$59,830
$192,195
$324,560
Average Waucoma Assessed Value
$129,590
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 Waucoma, Fayette County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52171 | $30,068 | $64,210 | $129,590 | $237,460 | $436,842 |
Source: Ownwell
Property Tax Bills Across Waucoma, Fayette County, Iowa
In Waucoma, located in Fayette County, IA, property tax bills are determined by assessing the property's market value and applying the local tax rate. The assessed value is a percentage of the market value, which is then multiplied by the county’s tax rate to calculate the annual tax bill. Homeowners in Waucoma experience a range of property tax bills, with the 25th percentile at $734 and the 75th percentile at $2,762, reflecting the variation in property values and tax rates within the area. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. The highest median tax bill recorded in Waucoma is $1,318, which is relatively modest compared to the national median property tax rate of 0.99%. This calculation impacts homeowners by determining their annual financial obligations toward property taxes, which fund essential local services like schools, infrastructure, and emergency services. Consequently, understanding how these assessments work is crucial for homeowners to manage their finances effectively.
Average Waucoma Tax Bill
$1,318
Average Fayette County Tax Bill
$1,568
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Waucoma, Fayette County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52171 | $301 | $734 | $1,318 | $2,762 | $5,190 |
Source: Ownwell