New Providence, Marshall County, Iowa Property Taxes
The median property tax rate in New Providence, IA is 0.97%, slightly lower than the national median of 0.99% and significantly below the Iowa state median of 1.54%. With the median home value in New Providence at $221,280, the typical annual property tax bill reaches $2,098, which is less than the national median of $2,690. Property taxes in New Providence are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding New Providence'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 Providence 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 Providence, Marshall County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$2,146
$1,992
Ownwell’s New Providence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Providence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Providence 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 Providence, Marshall County, Iowa
Property taxes in New Providence, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Providence is 0.97%, slightly lower than the U.S. national median of 0.99%. Local government entities within New Providence set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Providence 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 New Providence's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50206 zip code has both the highest and lowest median property tax rate of 0.97%. Understanding how these cities compare with New Providence provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Providence Tax Rate
0.97%
Average Marshall County Tax Rate
1.58%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Providence, Marshall County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50206 | 0.77% | 0.90% | 0.97% | 1.09% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across New Providence, Marshall County, Iowa
In New Providence, 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 Marshall 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 New Providence, 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 Providence helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2,098 in the 50206 zip code, while the lowest is also $2,098 in the same zip code.
Property Tax Assessment Values Across New Providence, Marshall County, Iowa
Source: Ownwell
$31,865
$126,573
$221,280
Average New Providence Assessed Value
$221,280
Average Marshall County Assessed Value
$128,210
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Providence, Marshall County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50206 | $110,087 | $166,838 | $221,280 | $302,918 | $426,396 |
Source: Ownwell
Property Tax Bills Across New Providence, Marshall County, Iowa
In New Providence, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. Various factors such as property size, location, and improvements are considered in the assessment process. Once the assessed value is determined, it is multiplied by the local tax rate to calculate the annual tax bill. Homeowners in New Providence can expect their tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $1,379, while at the 75th percentile, it rises to $3,493, and at the 90th percentile, it reaches $4,748. These figures highlight the range of property tax burdens within the city. By comparison, the national median property tax rate is 0.99%, which can help homeowners understand how their local tax rate stacks up against the national average. This variability in tax bills can significantly impact homeowners' financial planning and overall cost of living.
Average New Providence Tax Bill
$2,098
Average Marshall County Tax Bill
$1,909
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across New Providence, Marshall County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50206 | $925 | $1,379 | $2,098 | $3,493 | $4,748 |
Source: Ownwell