Schaller, Iowa Property Taxes
The median property tax rate in Schaller, IA is 1.30%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $171,730 in Schaller, the typical annual property tax bill is around $1,870, falling short of the national median of $2,690. Property taxes in Schaller are determined based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Schaller's property tax system, exploring available exemptions, and identifying opportunities for tax reductions can result in significant annual savings. Whether you're in the heart of Schaller or another part of the city, familiarizing yourself with the local property tax system can be highly beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Schaller, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.3%
Estimate Property Tax Bill
$2,232
Ownwell’s Schaller Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Schaller with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Schaller 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 Schaller, Iowa
Property taxes in Schaller, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Schaller is 1.30%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Schaller set these rates annually, and they can vary significantly across different neighborhoods. Each year, Schaller 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 Schaller's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51053 zip code has the highest median property tax rate of 1.30%, while the same zip code also has the lowest median tax rate of 1.30%. Understanding how these cities compare with Schaller provides valuable insights into the varying tax landscape across Ida County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Schaller Tax Rate
1.30%
Average Ida County Tax Rate
1.68%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Schaller, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51053 | 0.98% | 1.07% | 1.30% | 1.81% | 2.16% |
Source: Ownwell
Property Tax Assessment Values Across Schaller, Iowa
In Schaller, 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 Ida 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 Schaller, 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 Schaller helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Schaller are both $1870, found in the 51053 zip code.
Average Schaller Assessed Value
$171,730
Average Ida County Assessed Value
$93,540
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Schaller, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51053 | $79,423 | $123,600 | $171,730 | $226,360 | $349,104 |
Source: Ownwell
Property Tax Bills Across Schaller, Iowa
In Schaller, located in Ida County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For homeowners in Schaller, the property tax bill can vary significantly. For instance, the 25th percentile tax bill is $1,548, while the 75th percentile tax bill is $3,324. At the higher end, the 90th percentile tax bill reaches $4,460. These figures indicate that property taxes in Schaller can range widely, impacting homeowners differently based on their property's assessed value and the applicable tax rate. Compared to the national median property tax rate of 0.99%, Schaller's property tax rates reflect the local economic conditions and funding needs for public services. Homeowners must consider these factors when budgeting for their annual expenses, as property taxes represent a significant financial commitment.
Average Schaller Tax Bill
$1,870
Average Ida County Tax Bill
$1,560
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Schaller, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51053 | $1,340 | $1,548 | $1,870 | $3,324 | $4,460 |
Source: Ownwell