Grinnell, Iowa Property Taxes
The median property tax rate in Grinnell, IA is 1.17%, 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 $236,650 in Grinnell, the typical annual property tax bill amounts to $2,840, surpassing the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Grinnell'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 Grinnell 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
Grinnell, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$2,769
Ownwell’s Grinnell Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Grinnell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grinnell to provide an estimate of 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 Grinnell, Iowa
Property taxes in Grinnell, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grinnell is 1.17%, which is higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Grinnell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grinnell 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 Grinnell's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50112 has the highest median property tax rate of 1.17%, while the same zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Grinnell provides valuable insights into the varying tax landscape across Jasper County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grinnell Tax Rate
1.17%
Average Jasper County Tax Rate
1.61%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grinnell, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50112 | 1.06% | 1.14% | 1.17% | 1.30% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Grinnell, Iowa
In Grinnell, 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 Jasper 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 Grinnell, 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. The median home price in Grinnell is $236,650, with tax bills ranging from $1,984 at the 25th percentile to $5,239 at the 90th percentile. The highest and lowest median tax bills are both $2,840 in the 50112 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Grinnell Assessed Value
$236,650
Average Jasper County Assessed Value
$166,390
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grinnell, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50112 | $92,540 | $164,800 | $236,650 | $337,510 | $444,300 |
Source: Ownwell
Property Tax Bills Across Grinnell, Iowa
In Grinnell, located in Jasper County, IA, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is determined by the local county assessor, who evaluates the property's market value and then applies an assessment ratio. This ratio ensures that properties are taxed fairly relative to their market values. Several factors influence the final tax bill, including the property's market value, local tax rates, and any applicable exemptions or deductions. For instance, a median home price in Grinnell stands at $236,650. Homeowners in the 25th percentile can expect a tax bill around $1,984, while those in the 75th percentile might see a bill closer to $4,044. The 90th percentile tax bill can reach up to $5,239, reflecting higher property values or fewer exemptions. The highest and lowest median tax bills in Grinnell are both $2,840, indicating a consistent tax rate across the area. This rate is slightly above the national median property tax rate of 0.99%, impacting homeowners by requiring careful financial planning to manage these annual expenses.
Average Grinnell Tax Bill
$2,840
Average Jasper County Tax Bill
$2,548
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Grinnell, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50112 | $1,046 | $1,984 | $2,840 | $4,044 | $5,239 |
Source: Ownwell