Union, Marshall County, Iowa Property Taxes
The median property tax rate in Union, IA is 0.98%, slightly below both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Union at $138,995, the typical annual property tax bill reaches $1,366, which is lower than the national median of $2,690. Property taxes in Union are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Union'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 Union 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
Union, Marshall County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$1,362
$1,264
Ownwell’s Union Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Union with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Union 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 Union, Marshall County, Iowa
Property taxes in Union, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Union is 0.98%, slightly lower than the U.S. national median of 0.99%. Local government entities within Union set these rates annually, and they can vary significantly across different neighborhoods. Each year, Union 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 Union's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50258 zip code has the highest median property tax rate of 0.98%, while the 50258 zip code also has the lowest median tax rate of 0.98%. Understanding how these cities compare with Union 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 Union Tax Rate
0.98%
Average Marshall County Tax Rate
1.58%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Union, Marshall County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50258 | 0.68% | 0.82% | 0.98% | 1.12% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Union, Marshall County, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Union, Iowa. 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 authority 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 Union, 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 Union helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in Union is 50258, with a tax bill of $1,366, while the lowest is also 50258, with the same tax bill amount.
Property Tax Assessment Values Across Union, Marshall County, Iowa
Source: Ownwell
$31,865
$126,573
$221,280
Average Union Assessed Value
$138,995
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 Union, Marshall County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50258 | $29,106 | $101,552 | $138,995 | $240,802 | $343,300 |
Source: Ownwell
Property Tax Bills Across Union, Marshall County, Iowa
In Union, located in Marshall County, IA, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Union, the median home price is $138,995, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $742, while the 75th percentile reaches $2,690, and the 90th percentile goes up to $3,680. These property taxes are essential for funding local services such as schools, public safety, and infrastructure. When compared to the national median property tax rate of 0.99%, Union's property tax rates reflect the region's specific needs and economic conditions. Homeowners should be aware of these factors as they directly impact their annual financial obligations and the value they receive in community services.
Average Union Tax Bill
$1,366
Average Marshall County Tax Bill
$1,909
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Union, Marshall County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50258 | $141 | $742 | $1,366 | $2,690 | $3,680 |
Source: Ownwell