New Sharon, Mahaska County, Iowa Property Taxes
The median property tax rate in New Sharon, IA is 1.41%, slightly higher than the national median of 0.99% but below the Iowa state median of 1.54%. With the median home value in New Sharon at $139,995, the typical annual property tax bill reaches $1,938, which is lower than the national median of $2,690. Property taxes in New Sharon are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding New Sharon'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 New Sharon 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
New Sharon, Mahaska County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.41%
Estimate Property Tax Bill
$1,974
$1,832
Ownwell’s New Sharon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Sharon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Sharon 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 New Sharon, Mahaska County, Iowa
Property taxes in New Sharon, Iowa, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in New Sharon is 1.41%, significantly higher than the U.S. national median of 0.99%. Local government entities within New Sharon set these rates annually, and they can vary across different neighborhoods. Each year, New Sharon 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. Understanding how New Sharon's effective property tax rate compares to other areas 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 New Sharon Tax Rate
1.41%
Average Mahaska County Tax Rate
1.54%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Sharon, Mahaska County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50207 | 1.02% | 1.14% | 1.41% | 1.60% | 1.79% |
Source: Ownwell
Property Tax Assessment Values Across New Sharon, Mahaska County, Iowa
In New Sharon, 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 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 New Sharon, 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 New Sharon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 50207, both with a value of $1938.
Property Tax Assessment Values Across New Sharon, Mahaska County, Iowa
Source: Ownwell
$45,450
$141,200
$236,950
Average New Sharon Assessed Value
$139,995
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 New Sharon, Mahaska County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50207 | $44,810 | $88,135 | $139,995 | $213,120 | $306,840 |
Source: Ownwell
Property Tax Bills Across New Sharon, Mahaska County, Iowa
In New Sharon, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor's office. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $139,995, homeowners in New Sharon can expect their property tax bills to vary significantly. The tax bill at the 25th percentile is around $1,244, while at the 75th percentile, it rises to approximately $2,662. For those in the 90th percentile, the tax bill can reach up to $3,699. These tax bills are influenced by various factors, including property size, location, and any improvements made to the property. Compared to the national median property tax rate of 0.99%, New Sharon's rates reflect the region's specific economic and real estate conditions. Homeowners need to be aware of these factors as they can significantly impact their annual expenses and overall financial planning.
Average New Sharon Tax Bill
$1,938
Average Mahaska County Tax Bill
$1,886
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across New Sharon, Mahaska County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50207 | $665 | $1,244 | $1,938 | $2,662 | $3,699 |
Source: Ownwell