Nora Springs, Mitchell County, Iowa Property Taxes
The median property tax rate in Nora Springs, IA is 1.03%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Nora Springs at $200,110, the typical annual property tax bill reaches $2,162, which is below the national median of $2,690. Property taxes in Nora Springs are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Nora Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Nora Springs 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
Nora Springs, Mitchell County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$2,061
$1,913
Ownwell’s Nora Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Nora Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nora Springs 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 Nora Springs, Mitchell County, Iowa
Property taxes in Nora Springs, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nora Springs is 1.03%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Nora Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nora Springs 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 Nora Springs' effective property tax rate to other areas in Mitchell County and the national median. For comparison, the 50458 zip code has both the highest and lowest median property tax rate of 1.03%. Understanding how these cities compare with Nora Springs provides valuable insights into the varying tax landscape across Mitchell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nora Springs Tax Rate
1.03%
Average Mitchell County Tax Rate
1.25%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nora Springs, Mitchell County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50458 | 0.93% | 0.95% | 1.03% | 1.12% | 1.41% |
Source: Ownwell
Property Tax Assessment Values Across Nora Springs, Mitchell County, Iowa
In Nora Springs, 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 Nora Springs, 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 Nora Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $200,110, with annual tax bills ranging from $1,352 at the 25th percentile to $5,678 at the 90th percentile. Notably, the zip code 50458 has both the highest and lowest median tax bill of $2,162.
Property Tax Assessment Values Across Nora Springs, Mitchell County, Iowa
Source: Ownwell
$60,730
$195,478
$330,225
Average Nora Springs Assessed Value
$200,110
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 Nora Springs, Mitchell County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50458 | $105,780 | $139,020 | $200,110 | $358,110 | $488,084 |
Source: Ownwell
Property Tax Bills Across Nora Springs, Mitchell County, Iowa
In Nora Springs, located in Mitchell County, IA, property tax bills are calculated based on the assessed value of a home, not its market value. The assessed value is determined by the local assessor's office, which evaluates the property's features, condition, and comparable sales in the area. Homeowners in Nora Springs can expect a median property tax bill of around $2,162, which is higher than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property size, location, and improvements. For instance, the 25th percentile of tax bills is about $1,352, while those in the 75th percentile can reach up to $4,134. High-value properties might see tax bills as steep as $5,678, which can significantly impact household budgets. Understanding these variables helps homeowners anticipate their annual expenses and plan accordingly, ensuring they are prepared for their property tax obligations in Nora Springs.
Average Nora Springs Tax Bill
$2,162
Average Mitchell County Tax Bill
$1,776
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Nora Springs, Mitchell County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50458 | $1,003 | $1,352 | $2,162 | $4,134 | $5,678 |
Source: Ownwell