Knoxville, Iowa Property Taxes
The median property tax rate in Knoxville, IA is 1.67%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Knoxville, the typical annual property tax bill reaches $2,418, which is below the national median of $2,690. Property taxes in Knoxville are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Knoxville'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 Knoxville or another part of Marion County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Knoxville, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$2,563
Ownwell’s Knoxville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Knoxville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Knoxville 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 Knoxville, Iowa
Property taxes in Knoxville, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Knoxville is 1.67%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Knoxville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Knoxville 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 Knoxville's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50138 zip code has the highest median property tax rate of 1.67%, while the same zip code also has the lowest median tax rate of 1.67%. Understanding how these cities compare with Knoxville 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 Knoxville Tax Rate
1.67%
Average Marion County Tax Rate
1.40%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Knoxville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50138 | 1.09% | 1.28% | 1.67% | 1.85% | 1.95% |
Source: Ownwell
Property Tax Assessment Values Across Knoxville, Iowa
In Knoxville, 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 Marion 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 Knoxville, 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 Knoxville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Knoxville are both $2,418, found in the 50138 zip code.
Average Knoxville Assessed Value
$153,470
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 Knoxville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50138 | $35,665 | $92,352 | $153,470 | $228,872 | $332,149 |
Source: Ownwell
Property Tax Bills Across Knoxville, Iowa
In Knoxville, 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 tax rate to calculate the annual tax bill. For homeowners in Marion County, where Knoxville is located, the median home price is $153,470. Property tax bills can vary significantly; for instance, the tax bill at the 25th percentile is $1,408, while at the 75th percentile, it rises to $3,530. The 90th percentile tax bill can go as high as $4,800. These tax bills are influenced by several factors, including the home's assessed value, the local tax rate, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Knoxville's property tax bills reflect the local economic conditions and municipal budget requirements. For homeowners, these taxes are a crucial consideration when budgeting for annual expenses, as they directly impact the overall cost of owning a home in this region.
Average Knoxville Tax Bill
$2,418
Average Marion County Tax Bill
$2,660
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Knoxville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50138 | $500 | $1,408 | $2,418 | $3,530 | $4,800 |
Source: Ownwell