Scotch Grove, Iowa Property Taxes
The median property tax rate in Scotch Grove, IA is 1.10%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Scotch Grove at $190,730, the typical annual property tax bill amounts to $2,170, which is below the national median of $2,690. Property taxes in Scotch Grove are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Scotch Grove'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 Scotch Grove 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
Scotch Grove, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$2,098
Ownwell’s Scotch Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Scotch Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Scotch Grove 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 Scotch Grove, Iowa
Property taxes in Scotch Grove, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Scotch Grove is 1.10%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Scotch Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Scotch Grove 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 Scotch Grove's effective property tax rate to other areas in Jones County and the national median. For comparison, the zip code 52310 has both the highest and lowest median property tax rate of 1.10%. Understanding how these areas compare with Scotch Grove provides valuable insights into the varying tax landscape across Jones County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Scotch Grove Tax Rate
1.10%
Average Jones County Tax Rate
1.38%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Scotch Grove, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52310 | 1.01% | 1.06% | 1.10% | 1.17% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Scotch Grove, Iowa
In Scotch Grove, 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 Jones 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 Scotch Grove, 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 Scotch Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2,170, found in the 52310 zip code.
Average Scotch Grove Assessed Value
$190,730
Average Jones County Assessed Value
$156,350
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Scotch Grove, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52310 | $75,739 | $138,140 | $190,730 | $253,978 | $340,127 |
Source: Ownwell
Property Tax Bills Across Scotch Grove, Iowa
In Scotch Grove, Jones 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 example, with a median home price of $190,730, homeowners can expect varying tax bills. The 25th percentile tax bill is approximately $1,534, while the 75th percentile tax bill reaches around $2,726. At the 90th percentile, tax bills can be as high as $3,768. Factors that influence the tax bill include the property's assessed value, local tax rates, and any applicable exemptions. These property taxes fund essential services like schools, public safety, and infrastructure, directly impacting homeowners by contributing to the quality of local amenities and services. Compared to the national median property tax rate of 0.99%, the tax rates in Scotch Grove reflect the region's specific financial needs and priorities.
Average Scotch Grove Tax Bill
$2,170
Average Jones County Tax Bill
$2,222
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Scotch Grove, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52310 | $836 | $1,534 | $2,170 | $2,726 | $3,768 |
Source: Ownwell