Essex, Iowa Property Taxes
The median property tax rate in Essex, IA is 1.16%, which is higher than the national median of 0.99% but lower than Iowa's state median of 1.54%. With a median home value of $153,605 in Essex, the typical annual property tax bill amounts to $2,065, falling below the national median of $2,690. Property taxes in Essex are calculated based on the tax assessed value, often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Essex'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 Essex 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
Essex, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$1,782
Ownwell’s Essex Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Essex with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Essex to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those 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 Essex, Iowa
Property taxes in Essex, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Essex is 1.16%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Essex set these rates annually, and they can vary significantly across different neighborhoods. Each year, Essex 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 Essex's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51638 zip code has the highest median property tax rate of 1.16%, while the 51638 zip code also has the lowest median tax rate of 1.16%. Understanding how these cities compare with Essex provides valuable insights into the varying tax landscape across Page County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Essex Tax Rate
1.16%
Average Montgomery County Tax Rate
1.71%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Essex, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51638 | 1.02% | 1.08% | 1.16% | 1.57% | 1.92% |
Source: Ownwell
Property Tax Assessment Values Across Essex, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Essex, 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 local 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 Essex, 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 Essex helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Essex, the highest median tax bill is $2,065 in zip code 51638, while the lowest is also $2,065, reflecting a uniform tax burden across the area.
Average Essex Assessed Value
$153,605
Average Montgomery County Assessed Value
$96,860
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Essex, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51638 | $85,095 | $114,850 | $153,605 | $193,710 | $224,420 |
Source: Ownwell
Property Tax Bills Across Essex, Iowa
In Essex, located within Montgomery County, IA, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Homeowners in Essex can expect to pay a median property tax rate that aligns closely with the national median of 0.99%. Factors such as the market value of the home, local tax levies, and any applicable exemptions or deductions play significant roles in determining the final tax bill. For example, a home valued at the median home price of $153,605 could see tax bills ranging from $1,502 at the 25th percentile to $2,274 at the 75th percentile. The highest tax bills in the area can reach up to $2,390, reflecting the 90th percentile. These property taxes fund essential public services like schools, emergency services, and infrastructure, directly impacting the quality of life for Essex residents. Understanding these factors can help homeowners anticipate their financial obligations and plan accordingly.
Average Essex Tax Bill
$2,065
Average Montgomery County Tax Bill
$1,611
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Essex, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51638 | $1,283 | $1,502 | $2,065 | $2,274 | $2,390 |
Source: Ownwell