Macedonia, Iowa Property Taxes
The median property tax rate in Macedonia, IA is 1.49%, notably higher than the national median of 0.99% but slightly below the Iowa state median of 1.54%. With a median home value of $64,640 in Macedonia, the typical annual property tax bill amounts to $964, which is lower than the national median of $2,690. Property taxes in Macedonia are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Macedonia'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 Macedonia 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
Macedonia, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.49%
Estimate Property Tax Bill
$963
Ownwell’s Macedonia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Macedonia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Macedonia 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 Macedonia, Iowa
Property taxes in Macedonia, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Macedonia is 1.29%, which is significantly higher than both the Iowa state median of 1.53% and the U.S. national median of 0.99%. Local government entities within Macedonia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Macedonia 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 Macedonia's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51549 zip code has the highest median property tax rate of 1.29%, while the same zip code also has the lowest median tax rate of 1.29%. Understanding how these cities compare with Macedonia provides valuable insights into the varying tax landscape across Pottawattamie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Macedonia Tax Rate
1.49%
Average Montgomery County Tax Rate
1.71%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Macedonia, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51549 | 1.49% | 1.49% | 1.49% | 1.49% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Macedonia, Iowa
In Macedonia, 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 Montgomery 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 Macedonia, 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 Macedonia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $964, found in the 51549 zip code.
Average Macedonia Assessed Value
$64,640
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 Macedonia, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51549 | $64,640 | $64,640 | $64,640 | $64,640 | $64,640 |
Source: Ownwell
Property Tax Bills Across Macedonia, Iowa
In Macedonia, located in Montgomery County, IA, property tax bills are calculated based on the assessed value of a home. The median home price in the area stands at $64,640. Property taxes are determined by multiplying the assessed value by the local tax rate. Homeowners in Macedonia can expect a median tax bill of $964, which is consistent across various percentiles, including the 25th, 75th, and 90th percentiles. This uniform tax bill indicates a stable and predictable property tax environment for residents. Factors that influence the tax bill include the assessed value of the property and the local tax rate set by Montgomery County. Compared to the national median property tax rate of 0.99%, Macedonia's property tax rate results in a relatively moderate annual tax bill. For homeowners, understanding these factors is crucial as property taxes contribute significantly to annual housing costs, impacting overall affordability and financial planning.
Average Macedonia Tax Bill
$964
Average Montgomery County Tax Bill
$1,611
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Macedonia, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51549 | $964 | $964 | $964 | $964 | $964 |
Source: Ownwell