Iowa Falls, Hardin County, Iowa Property Taxes
The median property tax rate in Iowa Falls, IA is 1.66%, significantly higher than both the national median of 0.99% and the Iowa state median of 1.54%. With a median home value of $102,340 in Iowa Falls, the typical annual property tax bill reaches $1,592, which is below the national median of $2,690. Property taxes in Iowa Falls are calculated based on the tax assessed value, which is generally lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Iowa 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 Iowa Falls or another part of Hardin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Iowa Falls, Hardin County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.66%
Estimate Property Tax Bill
$1,699
$1,576
Ownwell’s Iowa Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Iowa Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Iowa 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 Iowa Falls, Hardin County, Iowa
Property taxes in Iowa Falls, IA, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Iowa Falls is 1.66%, which is notably higher than the U.S. national median of 0.99%. Local government entities within Iowa Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Iowa 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 Iowa Falls' effective property tax rate to other counties in Iowa and the national median. For comparison, the 50126 zip code has the highest median property tax rate of 1.66%, while the same zip code also has the lowest median tax rate of 1.66%. Understanding how these cities compare with Iowa Falls provides valuable insights into the varying tax landscape across Hardin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Iowa Falls Tax Rate
1.66%
Average Hardin County Tax Rate
1.61%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Iowa Falls, Hardin County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50126 | 1.12% | 1.36% | 1.66% | 1.80% | 1.87% |
Source: Ownwell
Property Tax Assessment Values Across Iowa Falls, Hardin County, Iowa
In Iowa Falls, 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 Hardin County Appraisal District 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 Iowa 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. Being aware of these valuation processes in Iowa Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $1,592, found in zip code 50126.
Property Tax Assessment Values Across Iowa Falls, Hardin County, Iowa
Source: Ownwell
$49,590
$80,755
$111,920
Average Iowa Falls Assessed Value
$102,340
Average Hardin County Assessed Value
$94,800
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Iowa Falls, Hardin County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50126 | $37,062 | $62,190 | $102,340 | $171,570 | $261,006 |
Source: Ownwell
Property Tax Bills Across Iowa Falls, Hardin County, Iowa
In Iowa Falls, located in Hardin County, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate various factors such as property size, location, and market conditions. For instance, the median home price in Iowa Falls is $102,340. Homeowners in Iowa Falls experience a range of property tax bills. The 25th percentile tax bill is $958, while the 75th percentile tax bill reaches $2,646. At the 90th percentile, some homeowners pay up to $4,028. The median property tax rate in Iowa Falls is 1.56%, which is notably higher than the national median property tax rate of 0.99%. This higher tax rate can significantly impact homeowners, increasing their annual financial obligations. Understanding these factors helps homeowners anticipate their property tax bills and plan accordingly.
Average Iowa Falls Tax Bill
$1,592
Average Hardin County Tax Bill
$1,480
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Iowa Falls, Hardin County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50126 | $558 | $958 | $1,592 | $2,646 | $4,028 |
Source: Ownwell