Jamaica, Guthrie County, Iowa Property Taxes
The median property tax rate in Jamaica, IA is 1.40%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Jamaica at $57,500, the typical annual property tax bill is $857, falling below the national median of $2,690. Property taxes in Jamaica are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Jamaica'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 Jamaica 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
Jamaica, Guthrie County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$805
$747
Ownwell’s Jamaica Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Jamaica. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Jamaica to provide an accurate estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities with ease. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county and is used for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Jamaica, Guthrie County, Iowa
Property taxes in Jamaica, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jamaica is 1.40%, significantly higher than the U.S. national median of 0.99%. Local government entities within Jamaica set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jamaica 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 Jamaica's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50128 zip code has the highest median property tax rate of 1.40%, while the 50128 zip code also has the lowest median tax rate of 1.40%. Understanding how these cities compare with Jamaica provides valuable insights into the varying tax landscape across Guthrie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jamaica Tax Rate
1.40%
Average Guthrie County Tax Rate
1.18%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jamaica, Guthrie County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50128 | 1.08% | 1.20% | 1.40% | 1.65% | 1.78% |
Source: Ownwell
Property Tax Assessment Values Across Jamaica, Guthrie County, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Jamaica, Iowa. 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 Guthrie 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 Jamaica, 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 Jamaica 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 $857.00, found in the 50128 zip code. Conversely, the lowest median tax bill is also $857.00, indicating a uniformity in tax bills within the region.
Property Tax Assessment Values Across Jamaica, Guthrie County, Iowa
Source: Ownwell
$55,000
$227,000
$399,000
Average Jamaica Assessed Value
$57,500
Average Guthrie County Assessed Value
$152,050
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jamaica, Guthrie County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50128 | $15,600 | $35,300 | $57,500 | $119,700 | $212,100 |
Source: Ownwell
Property Tax Bills Across Jamaica, Guthrie County, Iowa
In Jamaica, located in Guthrie County, IA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. Homeowners in Jamaica see a range of property tax bills. For example, the tax bill at the 25th percentile is $488, while at the 75th percentile, it climbs to $1,656, and at the 90th percentile, it reaches $2,736. These figures illustrate the variability in tax burdens depending on property values and specific assessments. Comparatively, the national median property tax rate is 0.99%, which can provide context for understanding local rates. Homeowners must consider these taxes as they impact overall housing costs, potentially influencing decisions on home purchases and long-term financial planning. The highest median tax bill in the area is $857, which offers a benchmark for what many residents might expect to pay.
Average Jamaica Tax Bill
$857
Average Guthrie County Tax Bill
$1,994
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Jamaica, Guthrie County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50128 | $255 | $488 | $857 | $1,656 | $2,736 |
Source: Ownwell