Farmington, Iowa Property Taxes
The median property tax rate in Farmington, IA is 1.08%, 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 $139,810 in Farmington, the typical annual property tax bill amounts to $1,628, significantly below the national median of $2,690. Property taxes in Farmington are determined based on the assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Gaining a thorough understanding of Farmington's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Farmington or another part of Lee County, familiarizing yourself with the local property tax structure will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Farmington, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$1,510
Ownwell’s Farmington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farmington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmington 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 Farmington, Iowa
Property taxes in Farmington, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmington is 1.08%, higher than the U.S. national median of 0.99%. Local government entities within Farmington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farmington 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 Farmington's effective property tax rate to other areas in Iowa and the national median. For comparison, the 52626 zip code has both the highest and lowest median property tax rate of 1.08%. Understanding how these areas compare with Farmington provides valuable insights into the varying tax landscape across Lee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farmington Tax Rate
1.08%
Average Lee County Tax Rate
1.57%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farmington, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52626 | 0.88% | 0.98% | 1.08% | 1.20% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Farmington, Iowa
In Farmington, 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 Lee 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 Farmington, 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 Farmington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 52626 has the highest and lowest median tax bill of $1628. With a median home price of $139,810, Farmington's property tax bills range from $830 at the 25th percentile to $3396 at the 90th percentile, highlighting the importance of understanding these valuations.
Average Farmington Assessed Value
$139,810
Average Lee County Assessed Value
$99,640
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farmington, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52626 | $13,380 | $69,460 | $139,810 | $218,700 | $324,426 |
Source: Ownwell
Property Tax Bills Across Farmington, Iowa
In Farmington, Lee County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Farmington, this process considers several factors, including the property's market value and any applicable exemptions. The median home price in Farmington is $139,810, with property tax bills ranging significantly. For example, at the 25th percentile, homeowners might see a tax bill around $830, while at the 75th percentile, it could rise to $2,480. The 90th percentile tax bill can reach up to $3,396. These variations highlight how assessed values and local tax rates influence the overall tax burden. Comparatively, Farmington's property tax rates can be more or less burdensome than the national median property tax rate of 0.99%, affecting homeowners differently based on their property's assessed value. Understanding these factors is crucial for homeowners to anticipate their annual financial obligations accurately.
Average Farmington Tax Bill
$1,628
Average Lee County Tax Bill
$1,604
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmington, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52626 | $248 | $830 | $1,628 | $2,480 | $3,396 |
Source: Ownwell