Wapello, Iowa Property Taxes
The median property tax rate in Wapello, IA is 1.32%, which is higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Wapello, the typical annual property tax bill reaches $1,546, falling below the national median of $2,690. Property taxes in Wapello 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 Wapello'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 Wapello 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
Wapello, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.32%
Estimate Property Tax Bill
$1,564
Ownwell’s Wapello Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wapello with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wapello 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 Wapello, Iowa
Property taxes in Wapello, Iowa, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Wapello is 1.32%, which is significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Wapello set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wapello 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 Wapello's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 52653 has both the highest and lowest median property tax rate of 1.32%. Understanding how these cities compare with Wapello provides valuable insights into the varying tax landscape across Louisa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wapello Tax Rate
1.32%
Average Louisa County Tax Rate
1.21%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wapello, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52653 | 0.96% | 1.09% | 1.32% | 1.51% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Wapello, Iowa
In Wapello, 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 Louisa 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 Wapello, 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. Wapello has a median home price of $118,515, with the 25th percentile tax bill at $940 and the 75th percentile tax bill at $2,368. The highest and lowest median tax bills are both $1,546, found in zip code 52653. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wapello Assessed Value
$118,515
Average Louisa County Assessed Value
$108,425
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wapello, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52653 | $31,700 | $70,298 | $118,515 | $182,445 | $287,160 |
Source: Ownwell
Property Tax Bills Across Wapello, Iowa
In Wapello, property tax bills are calculated based on the assessed value of a home, which is determined by the Louisa County Assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. The median home price in Wapello is $118,515, and the median property tax bill in the area is $1,546, which is higher than the national median property tax rate of 0.99%. Factors that influence the tax bill include the home's market value, any applicable exemptions, and the specific tax rate set by local taxing authorities. For instance, homes in the 25th percentile have tax bills around $940, while those in the 75th percentile see bills approximately $2,368. Homeowners in the 90th percentile could face tax bills as high as $3,376. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents.
Average Wapello Tax Bill
$1,546
Average Louisa County Tax Bill
$1,366
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Wapello, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52653 | $439 | $940 | $1,546 | $2,368 | $3,376 |
Source: Ownwell