Ely, Iowa Property Taxes
The median property tax rate in Ely, Iowa is 1.87%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Ely at $244,300, the typical annual property tax bill reaches $4,451, exceeding the national median of $2,690. Property taxes in Ely are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ely'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 Ely 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
Ely, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.87%
Estimate Property Tax Bill
$4,568
Ownwell’s Ely Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ely with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ely 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 Ely, Iowa
Property taxes in Ely, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ely is 1.87%, which is notably higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Ely set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ely 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 Ely's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 52227 has the highest median property tax rate of 1.87%, while the same zip code also has the lowest median tax rate of 1.87%. Understanding how these cities compare with Ely provides valuable insights into the varying tax landscape across Linn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ely Tax Rate
1.87%
Average Linn County Tax Rate
1.84%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ely, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52227 | 1.51% | 1.78% | 1.87% | 1.90% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Ely, Iowa
In Ely, 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 Linn 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 Ely, 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 Ely helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Ely's median home price is $244,300, with tax bills ranging from $2,916 at the 25th percentile to $7,119 at the 90th percentile. The zip code 52227 has the highest and lowest median tax bill of $4,451.
Average Ely Assessed Value
$244,300
Average Linn County Assessed Value
$173,500
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ely, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52227 | $97,650 | $164,175 | $244,300 | $311,800 | $386,450 |
Source: Ownwell
Property Tax Bills Across Ely, Iowa
In Ely, located in Linn County, IA, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Ely stands at $244,300. Property taxes are determined by multiplying the assessed value by the local tax rate. Various factors, such as property size, location, and improvements, influence the assessed value. Homeowners in Ely face a median property tax bill that can vary significantly. For instance, the tax bill at the 25th percentile is approximately $2,916, while at the 75th percentile, it rises to about $5,784. At the 90th percentile, it can reach up to $7,119. These figures demonstrate the range of tax obligations that homeowners might encounter. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding how Ely's rates stack up. Understanding how property taxes are calculated helps homeowners budget effectively and anticipate their annual financial commitments.
Average Ely Tax Bill
$4,451
Average Linn County Tax Bill
$3,328
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Ely, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52227 | $1,780 | $2,916 | $4,451 | $5,784 | $7,119 |
Source: Ownwell