Farragut, Fremont County, Iowa Property Taxes
The median property tax rate in Farragut, IA is 1.26%, slightly higher than the national median of 0.99% but lower than Iowa's state median of 1.54%. With the median home value in Farragut, the typical annual property tax bill reaches $1,572, which is below the national median of $2,690. Property taxes in Farragut are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Farragut'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 Farragut 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
Farragut, Fremont County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.26%
Estimate Property Tax Bill
$1,537
$1,426
Ownwell’s Farragut Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farragut with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farragut 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 Farragut, Fremont County, Iowa
Property taxes in Farragut, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farragut is 1.26%, significantly higher than the U.S. national median of 0.99%. Local government entities within Farragut set these rates annually, and they can vary across different neighborhoods. Each year, Farragut 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 Farragut's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 51639 has the highest median property tax rate of 1.26%, while the same zip code also has the lowest median tax rate of 1.26%. Understanding how these cities compare with Farragut provides valuable insights into the varying tax landscape across Fremont County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farragut Tax Rate
1.26%
Average Fremont County Tax Rate
1.28%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farragut, Fremont County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51639 | 0.88% | 1.06% | 1.26% | 1.48% | 1.66% |
Source: Ownwell
Property Tax Assessment Values Across Farragut, Fremont County, Iowa
In Farragut, 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 Fremont 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 Farragut, 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 Farragut helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1572 in zip code 51639, which is also the lowest median tax bill, indicating a consistent property tax landscape.
Property Tax Assessment Values Across Farragut, Fremont County, Iowa
Source: Ownwell
$72,320
$126,415
$180,510
Average Farragut Assessed Value
$121,980
Average Fremont County Assessed Value
$118,270
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farragut, Fremont County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51639 | $40,090 | $78,635 | $121,980 | $191,570 | $279,678 |
Source: Ownwell
Property Tax Bills Across Farragut, Fremont County, Iowa
In Farragut, IA, property tax bills are calculated based on the assessed value of a property, which is determined by local government assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions are considered in the assessment process. For homeowners in Farragut, the median home price is $121,980, resulting in varying tax bills. At the 25th percentile, homeowners can expect to pay around $908 annually, while those in the 75th percentile might see bills as high as $2,428. The top 10% of property tax bills can reach up to $3,260. Comparatively, the national median property tax rate is 0.99%, which can help homeowners understand how their local rates compare. In Fremont County, where Farragut is located, the highest and lowest median tax bills are both $1,572, indicating a consistent tax rate across the region. This consistency provides homeowners with a predictable financial outlook regarding their property taxes.
Average Farragut Tax Bill
$1,572
Average Fremont County Tax Bill
$1,562
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Farragut, Fremont County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51639 | $508 | $908 | $1,572 | $2,428 | $3,260 |
Source: Ownwell