Thurman, Iowa Property Taxes
The median property tax rate in Thurman, IA is 1.16%, which is considerably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Thurman at $80,650, the typical annual property tax bill reaches $1,008, falling below the national median of $2,690. Property taxes in Thurman 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 Thurman’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 Thurman or another part of Fremont County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Thurman, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$936
$868
Ownwell’s Thurman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thurman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thurman 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 Thurman, Iowa
Property taxes in Thurman, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thurman is 1.16%, which is higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Thurman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thurman 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 Thurman's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51654 zip code has both the highest and the lowest median property tax rate of 1.16%. Understanding how these cities compare with Thurman 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 Thurman Tax Rate
1.16%
Average Fremont County Tax Rate
1.28%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thurman, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51654 | 0.49% | 0.90% | 1.16% | 1.70% | 2.20% |
Source: Ownwell
Property Tax Assessment Values Across Thurman, Iowa
In Thurman, 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 Thurman, 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 Thurman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $1008 in the 51654 zip code, reflecting the importance of staying informed.
Average Thurman Assessed Value
$80,650
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 Thurman, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51654 | $13,140 | $32,085 | $80,650 | $202,518 | $356,636 |
Source: Ownwell
Property Tax Bills Across Thurman, Iowa
In Thurman, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the home's market value, its condition, and any improvements made. For homeowners in Thurman, the median home price is $80,650. The tax bills in Thurman can vary significantly, with the 25th percentile tax bill being $390 and the 75th percentile reaching up to $2,302. The highest median tax bill in the area is $1,008, which is below the national median property tax rate of 0.99%. This variation in tax bills can significantly affect homeowners, particularly those with homes assessed at higher values, who may face tax bills as high as $3,768. Understanding these factors can help homeowners better anticipate their annual tax obligations and manage their finances accordingly.
Average Thurman Tax Bill
$1,008
Average Fremont County Tax Bill
$1,562
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Thurman, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51654 | $86 | $390 | $1,008 | $2,302 | $3,768 |
Source: Ownwell