Walford, Iowa Property Taxes
The median property tax rate in Walford, IA is 1.71%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Walford, the typical annual property tax bill reaches $4,396, exceeding the national median of $2,690. Property taxes in Walford 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 Walford'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 Walford 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
Walford, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.71%
Estimate Property Tax Bill
$4,363
Ownwell’s Walford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Walford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walford 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 Walford, Iowa
Property taxes in Walford, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Walford is 1.71%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Walford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walford 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 Walford's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52351 zip code has both the highest and lowest median property tax rate of 1.71%. Understanding how these cities compare with Walford 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 Walford Tax Rate
1.71%
Average Linn County Tax Rate
1.84%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walford, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52351 | 1.68% | 1.70% | 1.71% | 1.72% | 1.77% |
Source: Ownwell
Property Tax Assessment Values Across Walford, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Walford, 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 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 Walford, 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 Walford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Walford is $4,396 in the 52351 zip code, while the lowest is also $4,396 in the same zip code.
Average Walford Assessed Value
$255,150
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 Walford, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52351 | $209,800 | $228,325 | $255,150 | $290,150 | $321,500 |
Source: Ownwell
Property Tax Bills Across Walford, Iowa
In Walford, IA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. This value is then multiplied by the local tax rate to determine the annual tax bill. Homeowners in Walford experience varying tax bills; for instance, the 25th percentile tax bill is around $3,915, while the 75th percentile tax bill reaches approximately $5,038. Several factors influence these amounts, including property size, location, and market conditions. For example, the highest median tax bill in the area is $4,396, which is notably higher than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure. Consequently, property taxes significantly impact homeowners, affecting their overall cost of living and the affordability of homeownership in Walford.
Average Walford Tax Bill
$4,396
Average Linn County Tax Bill
$3,328
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Walford, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52351 | $3,620 | $3,915 | $4,396 | $5,038 | $5,583 |
Source: Ownwell