Tracy, Marion County, Iowa Property Taxes
The median property tax rate in Tracy, IA is 0.92%, which is lower than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Tracy at $96,815, the typical annual property tax bill is $830, significantly below the national median of $2,690. Property taxes in Tracy are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Tracy's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Tracy or another part of Marion County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tracy, Marion County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$891
$827
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, Marion County, Iowa
Property taxes in Tracy, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tracy is 0.92%, slightly below 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 counties in Iowa and the national median. For comparison, the 50256 zip code has the highest median property tax rate of 0.92%, while the same zip code also has the lowest median tax rate of 0.92%. Understanding how these cities compare with Tracy 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 Tracy Tax Rate
0.92%
Average Marion County Tax Rate
1.40%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tracy, Marion County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50256 | 0.72% | 0.80% | 0.92% | 1.03% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Tracy, Marion County, 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 Marion 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 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. For example, the median home price in Tracy is $96,815, with tax bills ranging from $496 at the 25th percentile to $2,386 at the 90th percentile. The highest and lowest median tax bills in Tracy are both $830, found in zip code 50256. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Tracy, Marion County, Iowa
Source: Ownwell
$49,925
$161,023
$272,120
Average Tracy Assessed Value
$96,815
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 Tracy, Marion County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50256 | $8,790 | $55,288 | $96,815 | $161,308 | $256,005 |
Source: Ownwell
Property Tax Bills Across Tracy, Marion County, Iowa
In Tracy, Marion County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The tax rate, applied to this value, is influenced by local government budgets and the needs of public services such as schools, infrastructure, and emergency services. For instance, with a median home price of $96,815, homeowners can expect varying tax bills. At the 25th percentile, tax bills are around $496, while those at the 75th percentile can reach up to $1,476. The tax bill at the 90th percentile can be as high as $2,386. These property taxes significantly impact homeowners by affecting their annual expenses and potentially influencing their decisions on property investments. Compared to the national median property tax rate of 0.99%, Tracy’s rates reflect the localized needs and budgetary requirements of Marion County. Homeowners must stay informed about these factors to manage their financial planning effectively.
Average Tracy Tax Bill
$830
Average Marion County Tax Bill
$2,660
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Tracy, Marion County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50256 | $78 | $496 | $830 | $1,476 | $2,386 |
Source: Ownwell