Preston, Jackson County, Iowa Property Taxes
The median property tax rate in Preston, IA is 1.40%, notably higher than the national median of 0.99% but lower than Iowa's state median of 1.54%. With the median home value in Preston at $166,000, the typical annual property tax bill amounts to $2,294, which is below the national median of $2,690. Property taxes in Preston are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Preston'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 Preston or another part of Jackson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Preston, Jackson County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$2,324
$2,157
Ownwell’s Preston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Preston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Preston 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 Preston, Jackson County, Iowa
Property taxes in Preston, Iowa, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Preston is 1.40%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Preston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Preston 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 Preston's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52069 zip code has both the highest and lowest median property tax rate of 1.40%. Understanding how these areas compare with Preston provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Preston Tax Rate
1.40%
Average Jackson County Tax Rate
1.24%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Preston, Jackson County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52069 | 1.13% | 1.23% | 1.40% | 1.49% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Preston, Jackson County, Iowa
In Preston, 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 Jackson 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 Preston, 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 Preston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Preston are both $2,294, found in the zip code 52069.
Property Tax Assessment Values Across Preston, Jackson County, Iowa
Source: Ownwell
$80,900
$162,475
$244,050
Average Preston Assessed Value
$166,000
Average Jackson County Assessed Value
$157,800
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Preston, Jackson County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52069 | $82,830 | $111,025 | $166,000 | $238,725 | $351,900 |
Source: Ownwell
Property Tax Bills Across Preston, Jackson County, Iowa
In Preston, located in Jackson County, IA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors and represents the value of the property for tax purposes. Homeowners in Preston can expect property tax bills to vary significantly depending on their home's assessed value. For instance, a home with a median price of $166,000 might see a tax bill around the 25th percentile at $1,542, while those at the 75th percentile could face a bill of $3,237. At the 90th percentile, the tax bill can soar to $4,478. These property tax bills are influenced by several factors, including local tax rates, which are applied to the assessed value of the home. The property tax rate in Preston can be compared to the national median property tax rate of 0.99%. Higher property tax bills can significantly impact homeowners by increasing their annual housing costs, which can influence decisions on home purchases and long-term financial planning.
Average Preston Tax Bill
$2,294
Average Jackson County Tax Bill
$1,948
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Preston, Jackson County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52069 | $1,153 | $1,542 | $2,294 | $3,237 | $4,478 |
Source: Ownwell