Whiting, Iowa Property Taxes
The median property tax rate in Whiting, IA is 1.21%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value in Whiting of $111,951, the typical annual property tax bill is $1,292, which is below the national median of $2,690. Property taxes in Whiting are calculated based on the assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Whiting'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 Whiting or another part of Monona County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Whiting, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$1,355
Ownwell’s Whiting Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Whiting with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Whiting 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 Whiting, Iowa
Property taxes in Whiting, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Whiting is 1.21%, notably higher than the U.S. national median of 0.99%. Local government entities within Whiting set these rates annually, and they can vary significantly across different neighborhoods. Each year, Whiting 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 Whiting's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 51063 has the highest median property tax rate of 1.21%, while the same zip code also has the lowest median tax rate of 1.21%. Understanding how these cities compare with Whiting 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 Whiting Tax Rate
1.21%
Average Monona County Tax Rate
1.30%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Whiting, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51063 | 0.94% | 1.03% | 1.21% | 1.32% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Whiting, Iowa
In Whiting, Iowa, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 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 Whiting, 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. For instance, the zip code 51063 has the highest and lowest median tax bill at $1,364. Being aware of these valuation processes in Whiting helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Whiting Assessed Value
$111,951
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 Whiting, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51063 | $29,851 | $62,229 | $115,191 | $181,917 | $302,491 |
Source: Ownwell
Property Tax Bills Across Whiting, Iowa
In Whiting, Monona County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Whiting, the tax rate plays a crucial role, with the national median property tax rate standing at 0.99%. The median home price in Whiting is $111,951, and the tax bills can vary significantly. For instance, at the 25th percentile, homeowners might pay around $631, while those at the 75th percentile could see bills as high as $2,122. At the 90th percentile, the tax bill can reach up to $3,342. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Homeowners must consider these factors when budgeting for their annual expenses, as property taxes can represent a significant portion of their yearly costs.
Average Whiting Tax Bill
$1,292
Average Monona County Tax Bill
$1,186
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Whiting, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51063 | $351 | $752 | $1,364 | $2,168 | $3,528 |
Source: Ownwell