Elma, Mitchell County, Iowa Property Taxes
The median property tax rate in Elma, IA is 1.12%, 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 Elma at $330,225, the typical annual property tax bill amounts to $3,574, significantly surpassing the national median of $2,690. Property taxes in Elma are calculated based on the tax assessed value, which usually falls below market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Elma'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 Elma or another part of Mitchell County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elma, Mitchell County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$3,699
$3,432
Ownwell’s Elma Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elma with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elma 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 Elma, Mitchell County, Iowa
Property taxes in Elma, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elma is 1.12%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Elma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elma 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 Elma's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50628 zip code has the highest median property tax rate of 1.12%, while the same zip code also has the lowest median tax rate of 1.12%. Understanding how these cities compare with Elma provides valuable insights into the varying tax landscape across Howard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elma Tax Rate
1.12%
Average Mitchell County Tax Rate
1.25%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elma, Mitchell County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50628 | 0.90% | 0.98% | 1.12% | 1.26% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Elma, Mitchell County, Iowa
In Elma, 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 Mitchell 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 Elma, 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 Elma is $330,225, and property tax bills range from $2,962 at the 25th percentile to $5,682 at the 90th percentile. 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 Elma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Elma, Mitchell County, Iowa
Source: Ownwell
$60,730
$195,478
$330,225
Average Elma Assessed Value
$330,225
Average Mitchell County Assessed Value
$146,070
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elma, Mitchell County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50628 | $174,880 | $235,120 | $330,225 | $370,640 | $507,399 |
Source: Ownwell
Property Tax Bills Across Elma, Mitchell County, Iowa
In Elma, located in Mitchell County, IA, property tax bills are calculated based on the assessed value of a property. This assessed value is determined by local assessors and is intended to represent the market value of the home. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. The median home price in Elma is $330,225, which can give homeowners an idea of their potential tax liability. Several factors influence the property tax bill, including the property's location, size, and any improvements made. In Elma, the tax bill ranges significantly, with the 25th percentile at $2,962 and the 75th percentile at $4,656. For those at the 90th percentile, the tax bill can reach up to $5,682. These figures highlight the variability in property tax bills, which can impact homeowners' financial planning and overall cost of living. Understanding these factors is crucial for homeowners to anticipate their annual property tax obligations.
Average Elma Tax Bill
$3,574
Average Mitchell County Tax Bill
$1,776
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Elma, Mitchell County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50628 | $1,574 | $2,962 | $3,574 | $4,656 | $5,682 |
Source: Ownwell