Stanhope, Iowa Property Taxes
The median property tax rate in Stanhope, IA is 1.32%, 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 Stanhope at $140,870, the typical annual property tax bill reaches $1,802, still below the national median of $2,690. Property taxes in Stanhope 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 Stanhope'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 Stanhope or another part of Hamilton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Stanhope, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.32%
Estimate Property Tax Bill
$1,859
Ownwell’s Stanhope Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stanhope with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stanhope 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 Stanhope, Iowa
Property taxes in Stanhope, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stanhope is 1.32%, significantly higher than the U.S. national median of 0.99%. Local government entities within Stanhope set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stanhope 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 Stanhope's effective property tax rate to other areas in Iowa and the national median. For comparison, the 50246 zip code has the highest median property tax rate of 1.32%, while the same zip code also has the lowest median tax rate of 1.32%. Understanding how these areas compare with Stanhope provides valuable insights into the varying tax landscape across Hamilton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Stanhope Tax Rate
1.32%
Average Hamilton County Tax Rate
1.61%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stanhope, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50246 | 1.06% | 1.17% | 1.32% | 1.46% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Stanhope, Iowa
In Stanhope, 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 Hamilton 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 Stanhope, 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 Stanhope helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 50246, with a median tax bill of $1,802.
Average Stanhope Assessed Value
$140,870
Average Hamilton County Assessed Value
$127,340
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Stanhope, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50246 | $39,038 | $86,350 | $140,870 | $207,130 | $287,668 |
Source: Ownwell
Property Tax Bills Across Stanhope, Iowa
In Stanhope, located within Hamilton 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 and reflects the market value of the property. The tax rate, applied to this assessed value, is influenced by local government budgets and voter-approved levies, which fund essential services such as schools, public safety, and infrastructure. Homeowners in Stanhope experience varying tax bills depending on their property values. For instance, the 25th percentile tax bill stands at $1,114, while those in the 75th percentile pay around $2,723. At the higher end, the 90th percentile tax bill reaches $3,477. These figures illustrate a range of property tax burdens, reflecting differences in property values and specific local tax rates. Compared to the national median property tax rate of 0.99%, Stanhope's rates can be more or less burdensome depending on individual property assessments. Understanding these factors helps homeowners plan and budget for their annual property tax obligations.
Average Stanhope Tax Bill
$1,802
Average Hamilton County Tax Bill
$1,946
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Stanhope, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50246 | $561 | $1,114 | $1,802 | $2,723 | $3,477 |
Source: Ownwell