Cedar Falls, Iowa Property Taxes
The median property tax rate in Cedar Falls, IA is 1.02%, slightly above the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $286,550, the typical annual property tax bill in Cedar Falls is $2,966, surpassing the national median of $2,690. Property taxes in Cedar Falls are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Cedar 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 Cedar 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
Cedar Falls, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,923
Ownwell’s Cedar Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cedar Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cedar 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 Cedar Falls, Iowa
Property taxes in Cedar Falls, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cedar Falls is 1.02%, which is higher than the U.S. national median of 0.99%. Local government entities within Cedar Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cedar 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 Cedar Falls' effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50613 has the highest median property tax rate of 1.02%, while the same zip code also has the lowest median tax rate of 1.02%. Understanding how these cities compare with Cedar Falls provides valuable insights into the varying tax landscape across Grundy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cedar Falls Tax Rate
1.02%
Average Grundy County Tax Rate
1.29%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cedar Falls, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50613 | 0.93% | 0.99% | 1.02% | 1.06% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Cedar Falls, Iowa
In Cedar 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 Grundy 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 Cedar 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Cedar Falls has a median home price of $286,550, with tax bills ranging from $1,978 at the 25th percentile to $5,472 at the 90th percentile. The highest and lowest median tax bills both occur in zip code 50613, each at $2,966. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cedar Falls Assessed Value
$286,550
Average Grundy County Assessed Value
$168,355
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cedar Falls, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50613 | $90,268 | $196,255 | $286,550 | $373,345 | $477,240 |
Source: Ownwell
Property Tax Bills Across Cedar Falls, Iowa
In Cedar Falls, located in Grundy County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the tax bill. Several factors influence the assessed value, including the home's market value, location, and any improvements made to the property. For homeowners in Cedar Falls, the median home price is $286,550. Property tax bills can vary significantly, with the 25th percentile at $1,978 and the 75th percentile reaching $3,848. At the 90th percentile, some homeowners might see tax bills as high as $5,472. The highest and lowest median tax bills in the area are both $2,966, indicating a consistent tax rate across different properties. Compared to the national median property tax rate of 0.99%, Cedar Falls residents experience a rate that can be higher or lower depending on individual property assessments. This variability can impact homeowners' financial planning and overall cost of living.
Average Cedar Falls Tax Bill
$2,966
Average Grundy County Tax Bill
$2,137
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Cedar Falls, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50613 | $1,191 | $1,978 | $2,966 | $3,848 | $5,472 |
Source: Ownwell