Prole, Iowa Property Taxes
The median property tax rate in PROLE, IA is 1.26%, which is higher than both the national median of 0.99% and the Iowa state median of 1.54%. With a median home value of $285,800 in PROLE, the typical annual property tax bill reaches $3,520, surpassing the national median of $2,690. Property taxes in PROLE are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding PROLE'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 PROLE 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
Prole, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.26%
Estimate Property Tax Bill
$3,601
Ownwell’s PROLE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in PROLE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in PROLE 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 Prole, Iowa
Property taxes in Prole, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prole is 1.26%, significantly higher than the U.S. national median of 0.99%. Local government entities within Prole set these rates annually, and they can vary across different neighborhoods. Each year, Prole 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 Prole's effective property tax rate to other regions in Iowa and the national median. For comparison, the zip code 50229 has the highest median property tax rate of 1.26%, while the same zip code also has the lowest median tax rate of 1.26%. Understanding how these areas compare with Prole 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 Prole Tax Rate
1.26%
Average Madison County Tax Rate
1.44%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prole, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50229 | 1.13% | 1.20% | 1.26% | 1.31% | 1.41% |
Source: Ownwell
Property Tax Assessment Values Across Prole, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Prole, 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 Madison County Appraisal District 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 Prole, 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 Prole helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 50229 has the highest and lowest median tax bill, both at $3,520.
Average Prole Assessed Value
$285,800
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 Prole, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50229 | $113,280 | $198,425 | $285,800 | $425,825 | $573,000 |
Source: Ownwell
Property Tax Bills Across Prole, Iowa
In PROLE, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local property tax rate set by Madison County. For instance, homeowners in PROLE with a median home price of $285,800 can expect varying tax bills. The 25th percentile tax bill is around $2,388, while those in the 75th percentile face bills up to $5,400. The 90th percentile tax bill can reach $6,692, showing significant variability depending on the property's assessed value and specific location within the county. Several factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. Higher-valued properties naturally incur higher tax bills. This system ensures that property taxes reflect the market value and the homeowner's financial responsibility. For comparison, the national median property tax rate is 0.99%, which helps put these figures into perspective for homeowners evaluating their tax obligations in PROLE.
Average Prole Tax Bill
$3,520
Average Madison County Tax Bill
$3,138
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Prole, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50229 | $1,346 | $2,388 | $3,520 | $5,400 | $6,692 |
Source: Ownwell