Fairfax, Iowa Property Taxes
The median property tax rate in Fairfax, IA is 1.44%, which is considerably higher than the national median of 0.99% but slightly lower than the Iowa state median of 1.54%. With a median home value of $286,900 in Fairfax, the typical annual property tax bill reaches $3,986, significantly exceeding the national median of $2,690. Property taxes in Fairfax are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fairfax'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 Fairfax 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
Fairfax, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.44%
Estimate Property Tax Bill
$4,131
Ownwell’s Fairfax Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairfax with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairfax 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 Fairfax, Iowa
Property taxes in Fairfax, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairfax is 1.44%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Fairfax set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairfax 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 Fairfax's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52228 zip code has the highest median property tax rate of 1.44%, while the 52228 zip code also has the lowest median tax rate of 1.44%. Understanding how these cities compare with Fairfax provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairfax Tax Rate
1.44%
Average Johnson County Tax Rate
1.71%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairfax, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52228 | 1.38% | 1.39% | 1.44% | 1.53% | 1.67% |
Source: Ownwell
Property Tax Assessment Values Across Fairfax, Iowa
In Fairfax, 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 Johnson 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 Fairfax, 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 Fairfax helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 52228 has the highest and lowest median tax bill, both at $3,986.
Average Fairfax Assessed Value
$286,900
Average Johnson County Assessed Value
$229,790
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairfax, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52228 | $129,660 | $175,650 | $286,900 | $416,000 | $492,560 |
Source: Ownwell
Property Tax Bills Across Fairfax, Iowa
In Fairfax, Johnson 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 arrive at the annual tax bill. For Fairfax, the median home price stands at $286,900. Homeowners in the 25th percentile can expect to pay around $2,659 annually, while those in the 75th percentile see tax bills nearing $6,514. At the 90th percentile, the tax bill can soar to approximately $7,999. Several factors influence these tax bills, including property size, location, and improvements made to the home. Compared to the national median property tax rate of 0.99%, Fairfax residents experience varying tax burdens depending on their property's assessed value. Higher tax bills can impact homeowners by increasing their monthly mortgage payments and overall cost of living, making it crucial for property owners to understand how their tax obligations are determined.
Average Fairfax Tax Bill
$3,986
Average Johnson County Tax Bill
$3,786
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairfax, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52228 | $2,152 | $2,659 | $3,986 | $6,514 | $7,999 |
Source: Ownwell