Barnes City, Mahaska County, Iowa Property Taxes
The median property tax rate in Barnes City, IA is 1.31%, 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 Barnes City, the typical annual property tax bill amounts to $878, which is significantly lower than the national median of $2,690. Property taxes in Barnes City are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Barnes City'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 Barnes City 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
Barnes City, Mahaska County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$929
$862
Ownwell’s Barnes City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Barnes City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Barnes City 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 Barnes City, Mahaska County, Iowa
Property taxes in Barnes City, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Barnes City is 1.31%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Barnes City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Barnes City 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 Barnes City's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50027 zip code has the highest median property tax rate of 1.31%, while the same zip code also has the lowest median tax rate of 1.31%. Understanding how these cities compare with Barnes City provides valuable insights into the varying tax landscape across Mahaska County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Barnes City Tax Rate
1.31%
Average Mahaska County Tax Rate
1.54%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Barnes City, Mahaska County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50027 | 1.05% | 1.18% | 1.31% | 1.54% | 1.76% |
Source: Ownwell
Property Tax Assessment Values Across Barnes City, Mahaska County, Iowa
In Barnes City, 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 Mahaska 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 Barnes City, 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 Barnes City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 50027 has both the highest and lowest median tax bills, each at $878.
Property Tax Assessment Values Across Barnes City, Mahaska County, Iowa
Source: Ownwell
$45,450
$141,200
$236,950
Average Barnes City Assessed Value
$70,950
Average Mahaska County Assessed Value
$125,860
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Barnes City, Mahaska County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50027 | $9,996 | $32,630 | $70,950 | $123,790 | $190,672 |
Source: Ownwell
Property Tax Bills Across Barnes City, Mahaska County, Iowa
In Barnes City, Mahaska County, IA, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the market value of your property. This assessed value is then multiplied by the local tax rate to determine your annual tax bill. For homeowners in Barnes City, the median home price is $70,950. Depending on the value of your property, your tax bill can vary significantly. For instance, the 25th percentile tax bill is $428, while the 75th percentile tax bill stands at $1,495. At the higher end, the 90th percentile tax bill reaches $2,207. The property tax rate in Mahaska County is relatively comparable to the national median property tax rate of 0.99%, making it essential for homeowners to understand how these taxes impact their annual financial planning. Higher property taxes can affect affordability and the overall cost of homeownership, making it crucial to stay informed and possibly seek exemptions or appeals if necessary.
Average Barnes City Tax Bill
$878
Average Mahaska County Tax Bill
$1,886
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Barnes City, Mahaska County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50027 | $145 | $428 | $878 | $1,495 | $2,207 |
Source: Ownwell