Bussey, Iowa Property Taxes
The median property tax rate in Bussey, IA is 1.15%, 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 Bussey at $75,060, the typical annual property tax bill amounts to $906, which is significantly below the national median of $2,690. Property taxes in Bussey are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Bussey'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 Bussey or another part of Marion County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bussey, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$863
Ownwell’s Bussey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bussey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bussey 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 Bussey, Iowa
Property taxes in Bussey, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bussey is 1.15%, significantly higher than the U.S. national median of 0.99%. Local government entities within Bussey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bussey 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 Bussey's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50044 has both the highest and lowest median property tax rate at 1.15%. Understanding how these cities compare with Bussey provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bussey Tax Rate
1.15%
Average Marion County Tax Rate
1.40%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bussey, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50044 | 0.91% | 1.01% | 1.15% | 1.36% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Bussey, Iowa
In Bussey, 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 local 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 Bussey, 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 Bussey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Bussey is $906 in the 50044 zip code, which also has the lowest median tax bill at the same amount.
Average Bussey Assessed Value
$75,060
Average Marion County Assessed Value
$185,955
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bussey, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50044 | $9,772 | $39,780 | $75,060 | $143,305 | $225,954 |
Source: Ownwell
Property Tax Bills Across Bussey, Iowa
In Bussey, property tax bills are calculated based on the assessed value of a property, which is determined by local tax assessors. The assessed value is a percentage of the market value of the home. For instance, with a median home price of $75,060, the tax bill varies widely depending on the assessed value and applicable tax rates. Homeowners in the 25th percentile pay around $452 annually, while those in the 75th percentile see bills closer to $1,600. At the 90th percentile, the tax bill can reach up to $2,294. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. These taxes fund essential public services like schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Bussey's property taxes impact homeowners differently based on their property's value, making it crucial for homeowners to understand their assessed values and potential exemptions to manage their tax liabilities effectively.
Average Bussey Tax Bill
$906
Average Marion County Tax Bill
$2,660
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Bussey, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50044 | $130 | $452 | $906 | $1,600 | $2,294 |
Source: Ownwell