Magnolia, Iowa Property Taxes
The median property tax rate in Magnolia, Iowa is 1.33%, 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 Magnolia, the typical annual property tax bill reaches $1,042, which is below the national median of $2,690. Property taxes in Magnolia are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Magnolia'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 Magnolia or another part of Harrison County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Magnolia, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.33%
Estimate Property Tax Bill
$1,118
Ownwell’s Magnolia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Magnolia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Magnolia 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 Magnolia, Iowa
Property taxes in Magnolia, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Magnolia is 1.33%, which is higher than the U.S. national median of 0.99%. Local government entities within Magnolia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Magnolia 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 Magnolia's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51550 zip code has the highest median property tax rate of 1.33%, while the lowest median tax rate is also 1.33%. Understanding how these areas compare with Magnolia provides valuable insights into the varying tax landscape across Harrison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Magnolia Tax Rate
1.33%
Average Harrison County Tax Rate
1.29%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Magnolia, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51550 | 1.14% | 1.25% | 1.33% | 1.46% | 1.59% |
Source: Ownwell
Property Tax Assessment Values Across Magnolia, Iowa
In Magnolia, 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 Harrison 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 Magnolia, 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. For example, Magnolia's median home price is $84,060, with tax bills ranging from $509 at the 25th percentile to $2,253 at the 90th percentile. The zip code 51550 has both the highest and lowest median tax bill at $1,042. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Magnolia Assessed Value
$84,060
Average Harrison County Assessed Value
$150,125
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Magnolia, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51550 | $7,780 | $38,548 | $84,060 | $121,470 | $173,230 |
Source: Ownwell
Property Tax Bills Across Magnolia, Iowa
Property tax bills in Magnolia, Harrison County, IA, are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. In Magnolia, the median home price is $84,060. Homeowners can expect their tax bills to vary significantly, with the 25th percentile tax bill at $509 and the 75th percentile at $1,607. For those at the higher end, the 90th percentile tax bill can reach up to $2,253. These figures indicate that property taxes in Magnolia can have a substantial impact on homeowners' finances, especially when compared to the national median property tax rate of 0.99%. The highest median tax bill in Magnolia's zip code 51550 is $1,042, which aligns with the lowest median tax bill, reflecting a consistent tax environment within the area. Understanding these factors can help homeowners better prepare for their annual property tax obligations.
Average Magnolia Tax Bill
$1,042
Average Harrison County Tax Bill
$1,959
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Magnolia, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51550 | $113 | $509 | $1,042 | $1,607 | $2,253 |
Source: Ownwell