Moravia, Iowa Property Taxes
The median property tax rate in Moravia, IA is 1.23%, 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 Moravia at $138,680, the typical annual property tax bill amounts to $1,596, falling below the national median of $2,690. Property taxes in Moravia are determined based on the tax assessed value, often less than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Moravia'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 Moravia or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Moravia, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$1,706
Ownwell’s Moravia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Moravia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Moravia 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 Moravia, Iowa
Property taxes in Moravia, Iowa, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Moravia is 1.23%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Moravia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Moravia 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 Moravia's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 52571 has the highest median property tax rate of 1.23%, while the same zip code also has the lowest median tax rate of 1.23%. Understanding how these cities compare with Moravia 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 Moravia Tax Rate
1.23%
Average Monroe County Tax Rate
1.39%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Moravia, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52571 | 1.11% | 1.15% | 1.23% | 1.32% | 1.53% |
Source: Ownwell
Property Tax Assessment Values Across Moravia, Iowa
In Moravia, 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 Moravia, 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 Moravia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,596 in the 52571 zip code, while the lowest median tax bill is also $1,596 in the same zip code.
Average Moravia Assessed Value
$138,680
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 Moravia, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52571 | $19,800 | $74,350 | $138,680 | $204,380 | $266,970 |
Source: Ownwell
Property Tax Bills Across Moravia, Iowa
In Moravia, property tax bills are calculated based on the assessed value of a home, which is determined by Monroe County. The assessed value is a percentage of the market value of the property. To calculate the property tax bill, the assessed value is multiplied by the local tax rate. Several factors influence the tax bill, including the property's location, size, and condition, as well as any applicable exemptions or deductions. For homeowners in Moravia, the property tax bills can vary significantly. The 25th percentile tax bill is around $917, while the 75th percentile tax bill reaches $2,431. The 90th percentile tax bill can go up to $3,156. Comparatively, the median property tax rate in Monroe County is higher than the national median of 0.99%. Understanding these factors can help homeowners anticipate their tax liabilities and plan their finances accordingly. Homeowners should also explore available exemptions to potentially reduce their tax burden.
Average Moravia Tax Bill
$1,596
Average Monroe County Tax Bill
$1,330
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Moravia, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52571 | $391 | $917 | $1,596 | $2,431 | $3,156 |
Source: Ownwell