Prairie City, Iowa Property Taxes
The median property tax rate in Prairie City, IA is 1.48%, slightly lower than the Iowa state median of 1.54% but still significantly higher than the national median of 0.99%. With a median home value of $189,200 in Prairie City, the typical annual property tax bill reaches $2,748, just under the national median of $2,690. Property taxes in Prairie City are calculated based on the assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Prairie City'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 Prairie City or another part of Jasper County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Prairie City, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.48%
Estimate Property Tax Bill
$2,800
Ownwell’s Prairie City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prairie City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prairie City 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 Prairie City, Iowa
Property taxes in Prairie City, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prairie City is 1.48%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Prairie City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prairie City 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 Prairie City's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50228 has both the highest and lowest median property tax rate of 1.48%. Understanding how these cities compare with Prairie City 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 Prairie City Tax Rate
1.48%
Average Jasper County Tax Rate
1.61%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prairie City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50228 | 1.19% | 1.40% | 1.48% | 1.54% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Prairie City, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Prairie City, Iowa. 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 Prairie City, 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. For example, the median home price in Prairie City is $189,200, with tax bills ranging from $2,084 at the 25th percentile to $4,794 at the 90th percentile. The zip code with the highest and lowest median tax bill is 50228, with a median tax bill of $2,748. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Prairie City Assessed Value
$189,200
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 Prairie City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50228 | $109,086 | $144,735 | $189,200 | $255,590 | $332,924 |
Source: Ownwell
Property Tax Bills Across Prairie City, Iowa
In Prairie City, located in Jasper County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners, several factors influence this calculation, including the property's market value, any applicable exemptions, and the specific rates set by local taxing authorities. For instance, the median home price in Prairie City is $189,200. Depending on the assessed value and local tax rates, homeowners may find their annual tax bills varying significantly. The tax bill at the 25th percentile is approximately $2,084, while at the 75th percentile, it rises to around $3,744. At the 90th percentile, it can reach up to $4,794. These property taxes fund essential public services such as schools, roads, and emergency services, directly impacting the community's quality of life. Understanding how these taxes are calculated can help homeowners budget accordingly and ensure they are taking advantage of any available exemptions.
Average Prairie City Tax Bill
$2,748
Average Jasper County Tax Bill
$2,548
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Prairie City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50228 | $1,444 | $2,084 | $2,748 | $3,744 | $4,794 |
Source: Ownwell