Bussey, Monroe County, Iowa Property Taxes
The median property tax rate in Bussey, IA is 1.30%, 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 Bussey at $116,975, the typical annual property tax bill amounts to $1,445, which is below the national median of $2,690. Property taxes in Bussey are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bussey'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 Bussey 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
Bussey, Monroe County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.3%
Estimate Property Tax Bill
$1,521
$1,411
Ownwell’s Bussey Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Bussey with just two key inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Bussey to provide an estimated property tax bill. This practical tool offers a clear understanding of your potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by Monroe County, is the basis for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Bussey, Monroe County, Iowa
Property taxes in Bussey, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bussey is 1.30%, significantly higher than the U.S. national median of 0.99%. Local government entities within Bussey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bussey 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 Bussey's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50044 has the highest median property tax rate of 1.30%, while the same zip code also has the lowest median tax rate of 1.30%. Understanding how these cities compare with Bussey provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bussey Tax Rate
1.30%
Average Monroe County Tax Rate
1.39%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bussey, Monroe County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50044 | 1.12% | 1.17% | 1.30% | 1.59% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Bussey, Monroe County, Iowa
In Bussey, 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 Monroe 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 Bussey, 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 Bussey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Bussey are both $1,445, found in the 50044 zip code.
Property Tax Assessment Values Across Bussey, Monroe County, Iowa
Source: Ownwell
$10,340
$74,510
$138,680
Average Bussey Assessed Value
$116,975
Average Monroe County Assessed Value
$86,560
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bussey, Monroe County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50044 | $70,570 | $77,072 | $116,975 | $155,448 | $257,047 |
Source: Ownwell
Property Tax Bills Across Bussey, Monroe County, Iowa
In Bussey, property tax bills are calculated based on the assessed value of a property, which is determined by Monroe County. The assessed value is a percentage of the market value of the home. For instance, if the median home price in Bussey is $116,975, the assessed value would be a portion of this amount. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Several factors influence the tax bill, including the market value of the property, any exemptions the homeowner may qualify for, and the specific tax rate set by local government authorities. In Bussey, the 25th percentile of tax bills is $1,116, while the 75th percentile reaches $2,305, and the 90th percentile climbs to $3,063. These figures show a range of what homeowners might expect to pay, depending on the value of their property and applicable exemptions. Compared to the national median property tax rate of 0.99%, the rates in Bussey can have a significant impact on homeowners' annual expenses.
Average Bussey Tax Bill
$1,445
Average Monroe County Tax Bill
$1,330
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Bussey, Monroe County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50044 | $870 | $1,116 | $1,445 | $2,305 | $3,063 |
Source: Ownwell