Iowa Falls, Iowa Property Taxes
The median property tax rate in Iowa Falls, IA is 1.21%, 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 $158,800, the typical annual property tax bill in Iowa Falls amounts to $2,061, which is below the national median of $2,690. Property taxes in Iowa Falls are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Iowa Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Iowa Falls 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
Iowa Falls, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$1,921
Ownwell’s Iowa Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Iowa Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Iowa Falls 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 Iowa Falls, Iowa
Property taxes in Iowa Falls, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Iowa Falls is 1.21%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Iowa Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Iowa Falls 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 Iowa Falls's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50126 zip code has the highest median property tax rate of 1.21%, while the same zip code also has the lowest median tax rate of 1.21%. Understanding how these cities compare with Iowa Falls provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Iowa Falls Tax Rate
1.21%
Average Franklin County Tax Rate
1.64%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Iowa Falls, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50126 | 1.01% | 1.10% | 1.21% | 1.42% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Iowa Falls, Iowa
In Iowa Falls, 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. In Iowa Falls, 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. For example, the median home price in Iowa Falls is $158,800, with tax bills ranging from $1,378 at the 25th percentile to $3,315 at the 90th percentile. The zip code with the highest and lowest median tax bill is 50126, with a median tax bill of $2,061. 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 Iowa Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Iowa Falls Assessed Value
$158,800
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 Iowa Falls, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50126 | $64,550 | $112,475 | $158,800 | $206,925 | $265,500 |
Source: Ownwell
Property Tax Bills Across Iowa Falls, Iowa
In Iowa Falls, located in Franklin County, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $158,800. Property taxes are determined by local tax rates applied to this assessed value. Factors such as property size, location, and improvements influence the assessed value, which in turn affects the tax bill. For homeowners in Iowa Falls, the tax bill can vary significantly. For instance, the 25th percentile tax bill is $1,378, while the 75th percentile tax bill is $2,623. At the higher end, the 90th percentile tax bill reaches $3,315. The median tax bill in the area is $2,061, which is higher than the national median property tax rate of 0.99%. These property taxes fund essential community services like schools, public safety, and infrastructure. Understanding how these taxes are calculated helps homeowners anticipate their annual expenses and plan their finances more effectively.
Average Iowa Falls Tax Bill
$2,061
Average Franklin County Tax Bill
$1,653
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Iowa Falls, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50126 | $852 | $1,378 | $2,061 | $2,623 | $3,315 |
Source: Ownwell