Hornick, Monona County, Iowa Property Taxes
The median property tax rate in Hornick, IA is 1.05%, 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 Hornick, the typical annual property tax bill reaches $1,757, which is below the national median of $2,690. Property taxes in Hornick 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 Hornick'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 Hornick 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
Hornick, Monona County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$1,501
$1,393
Ownwell’s Hornick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hornick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hornick 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 Hornick, Monona County, Iowa
Property taxes in Hornick, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hornick is 1.05%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Hornick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hornick 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 Hornick's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51026 zip code has the highest median property tax rate of 1.05%, while the same zip code also has the lowest median tax rate of 1.05%. Understanding how these cities compare with Hornick provides valuable insights into the varying tax landscape across Monona County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hornick Tax Rate
1.05%
Average Monona County Tax Rate
1.30%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hornick, Monona County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51026 | 0.93% | 0.96% | 1.05% | 1.31% | 1.64% |
Source: Ownwell
Property Tax Assessment Values Across Hornick, Monona County, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hornick, 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 Monona County Assessor's Office 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 Hornick, 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 Hornick is $142,999, with the 25th percentile tax bill at $1,058 and the 75th percentile tax bill at $2,664. The highest and lowest median tax bills are both $1,757, found in the 51026 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Hornick, Monona County, Iowa
Source: Ownwell
$34,694
$105,349
$176,003
Average Hornick Assessed Value
$142,999
Average Monona County Assessed Value
$94,166
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hornick, Monona County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51026 | $39,432 | $93,350 | $142,999 | $242,672 | $362,502 |
Source: Ownwell
Property Tax Bills Across Hornick, Monona County, Iowa
In Hornick, Monona County, IA, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. For instance, with a median home price of $142,999, homeowners can expect varying tax bills depending on their property's specific assessment and applicable exemptions. Several factors influence the final tax bill, including property location, local government budgets, and any applicable exemptions or deductions. In Hornick, the 25th percentile tax bill is $1,058, while the 75th percentile reaches $2,664. For those at the 90th percentile, the tax bill can soar to $3,960. These figures highlight the range of property tax burdens homeowners might face, emphasizing the importance of accurate property assessments and potential appeals. Compared to the national median property tax rate of 0.99%, Hornick's rates reflect local economic conditions and public service funding needs, directly impacting homeowners' financial obligations.
Average Hornick Tax Bill
$1,757
Average Monona County Tax Bill
$1,186
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Hornick, Monona County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51026 | $380 | $1,058 | $1,757 | $2,664 | $3,960 |
Source: Ownwell