Toeterville, Mitchell County, Iowa Property Taxes
The median property tax rate in Toeterville, IA is 0.99%, matching the national median but significantly lower than Iowa's state median of 1.54%. With the median home value in Toeterville at $85,265, the typical annual property tax bill comes to $844, which is notably less than the national median of $2,690. Property taxes in Toeterville are determined based on the tax assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Gaining a thorough understanding of Toeterville's property tax system, exploring available exemptions, and finding opportunities for reductions can result in substantial annual savings. Whether you're located in the heart of Toeterville or in another part of Mitchell County, being knowledgeable about the local property tax framework is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Toeterville, Mitchell County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$844
$783
Ownwell’s Toeterville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Toeterville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Toeterville 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 Toeterville, Mitchell County, Iowa
Property taxes in Toeterville, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Toeterville is 0.99%, aligning with the U.S. national median of 0.99%. Local government entities within Toeterville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Toeterville 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 Toeterville's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50481 zip code has the highest median property tax rate of 0.99%, while the same 50481 zip code also has the lowest median tax rate of 0.99%. Understanding how these cities compare with Toeterville 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 Toeterville Tax Rate
0.99%
Average Mitchell County Tax Rate
1.25%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Toeterville, Mitchell County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50481 | 0.87% | 0.93% | 0.99% | 1.05% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Toeterville, Mitchell County, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Toeterville, 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 Mitchell 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 Toeterville, 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. The median home price in Toeterville is $85,265, with tax bills ranging from $412 at the 25th percentile to $1,280 at the 90th percentile. The zip code 50481 has both the highest and lowest median tax bill, each at $844. Being aware of these valuation processes in Toeterville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Toeterville, Mitchell County, Iowa
Source: Ownwell
$60,730
$195,478
$330,225
Average Toeterville Assessed Value
$85,265
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 Toeterville, Mitchell County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50481 | $17,290 | $43,452 | $85,265 | $98,550 | $125,225 |
Source: Ownwell
Property Tax Bills Across Toeterville, Mitchell County, Iowa
In Toeterville, located in Mitchell County, IA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Toeterville can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $412 and the 75th percentile reaching $1,024. Those in the 90th percentile face tax bills as high as $1,280. The median home price in Toeterville is $85,265, which is relatively modest compared to national averages. The property tax rate in this area is influenced by local government budgets, school funding needs, and other municipal services. Homeowners should be aware that their tax bill can fluctuate based on changes in assessed property values and local tax rates. Understanding how these factors interplay can help homeowners anticipate their financial obligations and plan accordingly.
Average Toeterville Tax Bill
$844
Average Mitchell County Tax Bill
$1,776
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Toeterville, Mitchell County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50481 | $187 | $412 | $844 | $1,024 | $1,280 |
Source: Ownwell