Grundy Center, Iowa Property Taxes
The median property tax rate in Grundy Center, IA is 1.60%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Grundy Center, the typical annual property tax bill reaches $2,376, which is below the national median of $2,690. Property taxes in Grundy Center 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 Grundy Center'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 Grundy Center 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
Grundy Center, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.6%
Estimate Property Tax Bill
$2,465
Ownwell's Grundy Center Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Grundy Center with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grundy Center to provide an estimate of your property tax bill. This insightful tool helps you understand your 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 Grundy Center, Iowa
Property taxes in Grundy Center, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grundy Center is 1.60%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Grundy Center set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grundy Center 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 Grundy Center's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50638 zip code has the highest median property tax rate of 1.60%, while the 50638 zip code also has the lowest median tax rate of 1.60%. Understanding how these cities compare with Grundy Center 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 Grundy Center Tax Rate
1.60%
Average Grundy County Tax Rate
1.29%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grundy Center, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50638 | 1.14% | 1.50% | 1.60% | 1.69% | 1.75% |
Source: Ownwell
Property Tax Assessment Values Across Grundy Center, Iowa
In Grundy Center, 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’s Office 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 Grundy Center, 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 Grundy Center helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in Grundy Center is $2,376, found in the 50638 zip code.
Average Grundy Center Assessed Value
$154,090
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 Grundy Center, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50638 | $70,927 | $106,950 | $154,090 | $233,120 | $336,919 |
Source: Ownwell
Property Tax Bills Across Grundy Center, Iowa
In Grundy Center, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as property size, location, and any improvements made to the home can influence the assessed value. For example, the median home price in Grundy Center is $154,090. Property tax bills in this area vary significantly, with the 25th percentile at $1,668, the 75th percentile at $3,457, and the 90th percentile reaching up to $4,962. These figures illustrate the range of property tax obligations homeowners might face. Compared to the national median property tax rate of 0.99%, the property tax rate in Grundy Center can lead to substantial annual costs for homeowners. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Grundy Center Tax Bill
$2,376
Average Grundy County Tax Bill
$2,137
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Grundy Center, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50638 | $1,128 | $1,668 | $2,376 | $3,457 | $4,962 |
Source: Ownwell