Homestead, Iowa County, Iowa Property Taxes
The median property tax rate in Homestead, IA is 1.30%, 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 $198,430 in Homestead, the typical annual property tax bill reaches $2,496, slightly below the national median of $2,690. Property taxes in Homestead are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Homestead'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 Homestead or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Homestead, Iowa County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.3%
Estimate Property Tax Bill
$2,580
$2,394
Ownwell’s Homestead Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Homestead with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Homestead to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities and better plan your finances. For those interested in more granular details, you can explore neighborhood-level trends by scrolling down. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Homestead, Iowa County, Iowa
Property taxes in Homestead, Iowa, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Homestead is 1.30%, significantly higher than the U.S. national median of 0.99%. Local government entities within Homestead set these rates annually, and they can vary across different neighborhoods. Each year, Homestead 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 Homestead's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52236 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 Homestead provides valuable insights into the varying tax landscape across Iowa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Homestead Tax Rate
1.30%
Average Iowa County Tax Rate
1.36%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Homestead, Iowa County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52236 | 1.14% | 1.22% | 1.30% | 1.38% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Homestead, Iowa County, Iowa
In Homestead, 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 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 Homestead, 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 Homestead helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 52236, with a median tax bill of $2,496.
Property Tax Assessment Values Across Homestead, Iowa County, Iowa
Source: Ownwell
$47,930
$154,665
$261,400
Average Homestead Assessed Value
$198,430
Average Iowa County Assessed Value
$157,090
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Homestead, Iowa County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52236 | $31,540 | $111,832 | $198,430 | $294,132 | $415,320 |
Source: Ownwell
Property Tax Bills Across Homestead, Iowa County, Iowa
In Homestead, Iowa, property tax bills are calculated based on the assessed value of a property, not its market value. The assessed value is determined by the local assessor and is a percentage of the market value. Factors such as property size, location, and any improvements made can influence this assessed value. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Homeowners in Homestead can expect varying tax bills. For example, the 25th percentile tax bill is around $1,358, while the 75th percentile tax bill reaches approximately $3,802. The 90th percentile tax bill can climb as high as $5,373. Compared to the national median property tax rate of 0.99%, these figures highlight the range of tax burdens homeowners might experience. The highest and lowest median tax bill in Homestead’s zip code 52236 both stand at $2,496, indicating a consistent tax rate within the area. This variability can significantly impact homeowners' annual expenses and long-term financial planning.
Average Homestead Tax Bill
$2,496
Average Iowa County Tax Bill
$2,134
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Homestead, Iowa County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52236 | $418 | $1,358 | $2,496 | $3,802 | $5,373 |
Source: Ownwell