Alexander, Iowa Property Taxes
The median property tax rate in Alexander, IA is 1.32%, 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 Alexander at $88,000, the typical annual property tax bill reaches $1,083, exceeding the national median of $2,690. Property taxes in Alexander 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 Alexander'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 Alexander 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
Alexander, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.32%
Estimate Property Tax Bill
$1,162
Ownwell’s Alexander Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Alexander with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Alexander 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 Alexander, Iowa
Property taxes in Alexander, IA, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Alexander is 1.32%, significantly higher than both the Iowa state median of 1.29% and the U.S. national median of 0.99%. Local government entities within Alexander set these rates annually, and they can vary significantly across different neighborhoods. Each year, Alexander 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 Alexander's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50420 zip code has the highest median property tax rate of 1.32%, while the 50420 zip code also has the lowest median tax rate of 1.32%. Understanding how these cities compare with Alexander provides valuable insights into the varying tax landscape across Franklin, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Alexander Tax Rate
1.32%
Average Franklin County Tax Rate
1.64%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Alexander, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50420 | 0.98% | 1.10% | 1.32% | 1.59% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Alexander, Iowa
In Alexander, 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 Franklin 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. 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 Alexander helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 50420 has both the highest and lowest median tax bill at $1,083.
Average Alexander Assessed Value
$88,000
Average Franklin County Assessed Value
$103,400
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Alexander, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50420 | $20,210 | $43,475 | $88,000 | $185,900 | $257,000 |
Source: Ownwell
Property Tax Bills Across Alexander, Iowa
In Alexander, property tax bills are calculated based on the assessed value of a home, which is determined by the Franklin County assessor's office. The assessed value is a percentage of the property's market value, reflecting its worth in the current real estate market. Several factors influence this assessment, including the property's location, size, condition, and any improvements made. Once the assessed value is established, the property tax rate for Alexander, which is specific to local government and public service needs, is applied. This rate helps fund essential services like schools, public safety, and infrastructure. For instance, homeowners in Alexander with a median home price of $88,000 could expect a tax bill ranging from $615 at the 25th percentile to $3,344 at the 90th percentile. Compared to the national median property tax rate of 0.99%, Alexander's rates can vary significantly, impacting homeowners differently based on their property's assessed value and the specific tax rate applied. This variability underscores the importance of understanding local tax policies and their implications on homeownership costs.
Average Alexander Tax Bill
$1,083
Average Franklin County Tax Bill
$1,653
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Alexander, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50420 | $205 | $615 | $1,083 | $2,272 | $3,344 |
Source: Ownwell