Colwell, Floyd County, Iowa Property Taxes
The median property tax rate in Colwell, IA is 1.47%, which is higher than the national median of 0.99% but slightly below the Iowa state median of 1.54%. With a median home value in Colwell of $33,880, the typical annual property tax bill amounts to $476, significantly lower than the national median of $2,690. Property taxes in Colwell are calculated based on the assessed value, which is often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Colwell'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 Colwell or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Colwell, Floyd County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.47%
Estimate Property Tax Bill
$498
$462
Ownwell’s Colwell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Colwell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colwell 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 Colwell, Floyd County, Iowa
Property taxes in Colwell, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Colwell is 1.47%, significantly higher than the U.S. national median of 0.99%. Local government entities within Colwell set these rates annually, and they can vary across different neighborhoods. Each year, Colwell 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 Colwell's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50620 has the highest median property tax rate of 1.47%, while the lowest median tax rate is also 1.47%. Understanding how these areas compare with Colwell provides valuable insights into the varying tax landscape across Floyd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colwell Tax Rate
1.47%
Average Floyd County Tax Rate
1.40%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colwell, Floyd County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50620 | 1.03% | 1.33% | 1.47% | 1.55% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Colwell, Floyd County, Iowa
In Colwell, 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 Floyd 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 Colwell, 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. The median home price in Colwell is $33,880, with the 25th percentile tax bill at $240 and the 75th percentile at $855. The highest and lowest median tax bills, both at $476, are found in the 50620 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Colwell, Floyd County, Iowa
Source: Ownwell
$33,880
$165,370
$296,860
Average Colwell Assessed Value
$33,880
Average Floyd County Assessed Value
$118,220
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colwell, Floyd County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50620 | $9,222 | $17,840 | $33,880 | $56,905 | $73,762 |
Source: Ownwell
Property Tax Bills Across Colwell, Floyd County, Iowa
In Colwell, located in Floyd County, IA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate various factors such as the property's size, location, and condition. Once the assessed value is established, it is multiplied by the local tax rate to determine the tax bill. For example, with a median home price of $33,880, homeowners can expect a tax bill that falls within a range depending on their specific property details. The 25th percentile tax bill is around $240, while the 75th percentile reaches up to $855. For those in the 90th percentile, the tax bill can be as high as $1,008. These property taxes significantly impact homeowners, contributing to local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Colwell's rates reflect the local economic conditions and funding needs, making it crucial for homeowners to understand how their tax bills are determined and what they support.
Average Colwell Tax Bill
$476
Average Floyd County Tax Bill
$1,659
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Colwell, Floyd County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50620 | $108 | $240 | $476 | $855 | $1,008 |
Source: Ownwell