Macksburg, Madison County, Iowa Property Taxes
The median property tax rate in Macksburg, IA is 1.17%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Macksburg at $92,000, the typical annual property tax bill reaches $992, falling below the national median of $2,690. Property taxes in Macksburg are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Macksburg'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 Macksburg or another part of Madison County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Macksburg, Madison County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$1,076
$999
Ownwell’s Macksburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Macksburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Macksburg 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 Madison County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Macksburg, Madison County, Iowa
Property taxes in Macksburg, Iowa, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Macksburg is 1.17%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Macksburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Macksburg 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 Macksburg's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50155 has the highest median property tax rate of 1.17%, while the same zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Macksburg provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Macksburg Tax Rate
1.17%
Average Madison County Tax Rate
1.44%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Macksburg, Madison County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50155 | 0.92% | 1.07% | 1.17% | 1.28% | 1.57% |
Source: Ownwell
Property Tax Assessment Values Across Macksburg, Madison County, Iowa
In Macksburg, 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 Madison 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. Assessment notices in Macksburg 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 Macksburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 50155 has the highest and lowest median tax bill at $992.
Property Tax Assessment Values Across Macksburg, Madison County, Iowa
Source: Ownwell
$27,000
$230,650
$434,300
Average Macksburg Assessed Value
$92,000
Average Madison County Assessed Value
$216,500
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Macksburg, Madison County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50155 | $11,900 | $60,800 | $92,000 | $178,800 | $256,180 |
Source: Ownwell
Property Tax Bills Across Macksburg, Madison County, Iowa
In Macksburg, Madison County, IA, property tax bills are calculated based on the assessed value of your home. The median home price in Macksburg is $92,000. Local assessors determine this value, which is then multiplied by the local tax rate to calculate your annual tax bill. Factors such as property location, size, and market conditions are considered in the assessment process. For homeowners in Macksburg, the property tax rate significantly influences the final bill. The 25th percentile tax bill is $616, while the 75th percentile reaches $1,882, and the 90th percentile can go up to $3,118. These figures show a wide range in tax bills, reflecting variations in property values and individual assessments. The highest and lowest median tax bills in the area are both $992, indicating a consistent rate across different properties. Compared to the national median property tax rate of 0.99%, Macksburg's tax rates may seem moderate, but they still impact homeowners' annual expenses. Understanding these factors can help residents anticipate their property tax obligations and plan their finances accordingly.
Average Macksburg Tax Bill
$992
Average Madison County Tax Bill
$3,138
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Macksburg, Madison County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50155 | $96 | $616 | $992 | $1,882 | $3,118 |
Source: Ownwell