Riceville, Howard County, Iowa Property Taxes
The median property tax rate in Riceville, IA is 1.18%, 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 $147,595 in Riceville, the typical annual property tax bill amounts to $1,688, which is below the national median of $2,690. Property taxes in Riceville are based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. By understanding Riceville's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve substantial annual savings. Whether you're in the heart of Riceville or another part of Howard County, gaining insight into the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Riceville, Howard County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$1,742
$1,616
Ownwell’s Riceville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Riceville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Riceville 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 Riceville, Howard County, Iowa
Property taxes in Riceville, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Riceville is 1.18%, notably higher than the U.S. national median of 0.99%. Local government entities within Riceville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Riceville 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 Riceville's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50466 zip code has the highest median property tax rate of 1.18%, while the same zip code has the lowest median tax rate of 1.18%. Understanding how these cities compare with Riceville provides valuable insights into the varying tax landscape across Howard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Riceville Tax Rate
1.18%
Average Howard County Tax Rate
1.43%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Riceville, Howard County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50466 | 0.91% | 1.00% | 1.18% | 1.38% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Riceville, Howard County, Iowa
In Riceville, 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 Howard 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. Assessment notices in Riceville 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 Riceville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest median tax bill in Riceville is 50466, with a tax bill of $1688.
Property Tax Assessment Values Across Riceville, Howard County, Iowa
Source: Ownwell
$78,735
$134,103
$189,470
Average Riceville Assessed Value
$147,595
Average Howard County Assessed Value
$120,780
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Riceville, Howard County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50466 | $57,183 | $88,568 | $147,595 | $227,970 | $308,821 |
Source: Ownwell
Property Tax Bills Across Riceville, Howard County, Iowa
In Riceville, located in Howard County, IA, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the county assessor and reflects the market value of the home. Property tax rates in this region are applied to this assessed value to determine the annual tax bill. Homeowners in Riceville experience a range of tax bills, with the 25th percentile at $1,042 and the 75th percentile at $2,453. For those in the 90th percentile, tax bills can reach up to $3,504. These figures suggest that homeowners with higher-valued properties face significantly larger tax obligations. The highest median tax bill in the area is $1,688, which is notably higher than the national median property tax rate of 0.99%. Understanding these factors is crucial for homeowners as it directly impacts their annual financial planning and overall cost of homeownership. Effective management of property taxes can lead to substantial savings over time.
Average Riceville Tax Bill
$1,688
Average Howard County Tax Bill
$1,672
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Riceville, Howard County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50466 | $688 | $1,042 | $1,688 | $2,453 | $3,504 |
Source: Ownwell