Portsmouth, Iowa Property Taxes
The median property tax rate in Portsmouth, IA is 1.12%, which is notably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $180,260 in Portsmouth, the typical annual property tax bill amounts to $2,134, falling below the national median of $2,690. Property taxes in Portsmouth are determined based on the assessed value, which is often less than the market value due to various exemptions such as the primary residence and agricultural exemptions. Navigating Portsmouth's property tax system, exploring available exemptions, and finding potential reductions can result in substantial annual savings. Whether you reside in the heart of Portsmouth or another part of the city, gaining a thorough understanding of the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Portsmouth, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$2,019
Ownwell’s Portsmouth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Portsmouth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Portsmouth 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 Portsmouth, Iowa
Property taxes in Portsmouth, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Portsmouth is 1.12%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Portsmouth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Portsmouth 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 Portsmouth's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51565 zip code has the highest median property tax rate of 1.12%, while the 51565 zip code also has the lowest median tax rate of 1.12%. Understanding how these cities compare with Portsmouth 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 Portsmouth Tax Rate
1.12%
Average Harrison County Tax Rate
1.29%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Portsmouth, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51565 | 0.98% | 1.05% | 1.12% | 1.22% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Portsmouth, Iowa
In Portsmouth, 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 Portsmouth, 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. The median home price in Portsmouth is $180,260, with tax bills ranging from $1,479 at the 25th percentile to $2,968 at the 75th percentile, and reaching $3,432 at the 90th percentile. The highest median tax bill in the area is $2,134, found in the 51565 zip code, which also has the lowest median tax bill. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Portsmouth Assessed Value
$180,260
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 Portsmouth, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51565 | $92,584 | $134,080 | $180,260 | $246,165 | $310,998 |
Source: Ownwell
Property Tax Bills Across Portsmouth, Iowa
In Portsmouth, Harrison County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the tax bill. For instance, with a median home price of $180,260, homeowners can expect varying tax bills depending on their property's assessed value and the local tax rate. Homeowners in the 25th percentile pay around $1,479, while those in the 75th percentile face bills closer to $2,968. At the 90th percentile, the tax bill can reach up to $3,432. These figures highlight the significant impact of property values and tax rates on what homeowners ultimately owe. Compared to the national median property tax rate of 0.99%, Portsmouth's tax bills reflect the local economic conditions and municipal funding needs. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Portsmouth Tax Bill
$2,134
Average Harrison County Tax Bill
$1,959
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Portsmouth, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51565 | $1,042 | $1,479 | $2,134 | $2,968 | $3,432 |
Source: Ownwell