Tracy, Iowa Property Taxes
The median property tax rate in Tracy, IA is 1.06%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $138,370 in Tracy, the typical annual property tax bill amounts to $1,530, which is below the national median of $2,690. Property taxes in Tracy are based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Tracy's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in significant annual savings. Whether you're in the heart of Tracy or another part of the city, being informed about the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tracy, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$1,467
Ownwell’s Tracy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tracy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tracy 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 Tracy, Iowa
Property taxes in Tracy, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tracy is 1.06%, notably higher than the U.S. national median of 0.99%. Local government entities within Tracy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tracy 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 Tracy's effective property tax rate to other areas in Iowa and the national median. For comparison, the 50256 zip code has both the highest and lowest median property tax rate of 1.06%. Understanding how these areas compare with Tracy 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 Tracy Tax Rate
1.06%
Average Mahaska County Tax Rate
1.54%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tracy, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50256 | 0.90% | 0.95% | 1.06% | 1.22% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Tracy, Iowa
In Tracy, 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 Tracy, 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. The median home price in Tracy is $138,370, with the 25th percentile tax bill at $808 and the 75th percentile at $2,166. The highest and lowest median tax bills both occur in the 50256 zip code, at $1,530. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tracy Assessed Value
$138,370
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 Tracy, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50256 | $33,400 | $67,010 | $138,370 | $214,660 | $265,515 |
Source: Ownwell
Property Tax Bills Across Tracy, Iowa
In Tracy, IA, property tax bills are calculated based on the assessed value of a home, not its market value. The assessed value is determined by the county assessor and is used to calculate the tax bill. Several factors influence this assessed value, including the property's location, size, and any improvements made. Homeowners in Tracy can expect varying tax bills, with the 25th percentile tax bill at $808 and the 75th percentile reaching $2,166. The 90th percentile tax bill is $2,555, indicating that higher-value properties contribute significantly more in taxes. The median home price in Tracy is $138,370, which helps contextualize these tax figures. Compared to the national median property tax rate of 0.99%, Tracy's property tax rate can be seen as relatively moderate, though individual tax bills will vary based on the specific assessed value of each property. This system ensures that property taxes are proportionate to the value of the home, impacting homeowners differently depending on their property's assessed worth.
Average Tracy Tax Bill
$1,530
Average Mahaska County Tax Bill
$1,886
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Tracy, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50256 | $412 | $808 | $1,530 | $2,166 | $2,555 |
Source: Ownwell