Thornburg, Iowa Property Taxes
The median property tax rate in Thornburg, IA is 1.33%, which is notably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $50,990 in Thornburg, the typical annual property tax bill amounts to $598, which is significantly below the national median of $2,690. Property taxes in Thornburg are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Thornburg'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 Thornburg or another part of Keokuk County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Thornburg, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.33%
Estimate Property Tax Bill
$678
Ownwell’s Thornburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thornburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thornburg 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 Thornburg, Iowa
Property taxes in Thornburg, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thornburg is 1.33%, which is higher than the U.S. national median of 0.99%. Local government entities within Thornburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thornburg 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 Thornburg's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50255 has both the highest and lowest median property tax rate of 1.33%. Understanding how these cities compare with Thornburg provides valuable insights into the varying tax landscape across Keokuk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Thornburg Tax Rate
1.33%
Average Keokuk County Tax Rate
1.25%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thornburg, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50255 | 1.10% | 1.18% | 1.33% | 1.42% | 1.62% |
Source: Ownwell
Property Tax Assessment Values Across Thornburg, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Thornburg, 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 Keokuk 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 Thornburg, 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. Thornburg's property tax landscape shows a median home price of $50,990. Tax bills can vary significantly, with the 25th percentile at $232 and the 75th percentile at $1,028. The highest median tax bill is $598 in the 50255 zip code, which is also the lowest median tax bill. 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 Thornburg Assessed Value
$50,990
Average Keokuk County Assessed Value
$102,671
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Thornburg, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50255 | $2,826 | $22,915 | $50,990 | $88,045 | $115,328 |
Source: Ownwell
Property Tax Bills Across Thornburg, Iowa
In Thornburg, located in Keokuk County, IA, property tax bills are calculated based on the assessed value of a home rather than its market value. The median home price in Thornburg is $50,990. Local tax authorities determine the assessed value, which is then multiplied by the local tax rate to calculate the annual property tax bill. For homeowners in Thornburg, tax bills can vary significantly. The 25th percentile tax bill is $232, while the 75th percentile tax bill reaches $1,028, and the 90th percentile tax bill can be as high as $1,468. These variations depend on factors such as property size, location, and any applicable exemptions or deductions. Comparatively, the median property tax rate in Thornburg aligns closely with the national median property tax rate of 0.99%. Understanding how these factors influence tax bills is crucial for homeowners, as it directly impacts their annual financial planning and overall property costs.
Average Thornburg Tax Bill
$598
Average Keokuk County Tax Bill
$1,284
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Thornburg, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50255 | $37 | $232 | $598 | $1,028 | $1,468 |
Source: Ownwell