Marcus, Iowa Property Taxes
The median property tax rate in Marcus, IA is 0.88%, which is lower than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Marcus at $157,820, the typical annual property tax bill amounts to $1,394, significantly below the national median of $2,690. Property taxes in Marcus are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Marcus'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 Marcus or another part of O'Brien County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Marcus, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$1,389
Ownwell’s Marcus Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marcus with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marcus 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 Marcus, Iowa
Property taxes in Marcus, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marcus is 0.88%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Marcus set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marcus 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. Understanding how these cities compare with Marcus provides valuable insights into the varying tax landscape across O'Brien County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marcus Tax Rate
0.88%
Average O'brien County Tax Rate
1.20%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marcus, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51035 | 0.88% | 0.88% | 0.88% | 0.88% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Marcus, Iowa
In Marcus, 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 O'Brien 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 Marcus, 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 Marcus helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 51035, both at $1,394.
Average Marcus Assessed Value
$157,820
Average O'brien County Assessed Value
$120,840
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marcus, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51035 | $157,820 | $157,820 | $157,820 | $157,820 | $157,820 |
Source: Ownwell
Property Tax Bills Across Marcus, Iowa
In Marcus, located in O'Brien County, IA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Marcus is $157,820. Homeowners in this area typically face a property tax bill of around $1,394, which aligns with the 25th, 75th, and 90th percentiles, indicating a consistent tax rate across various property values. The assessed value is determined by the county assessor, who evaluates property characteristics and market conditions. This value is then multiplied by the local tax rate to calculate the tax bill. The tax rate in Marcus is relatively high compared to the national median property tax rate of 0.99%. For homeowners, these property taxes fund local services such as schools, public safety, and infrastructure. While the consistent tax bill of $1,394 provides predictability, it can also represent a significant expense for homeowners, impacting their overall cost of living and financial planning.
Average Marcus Tax Bill
$1,394
Average O'brien County Tax Bill
$1,404
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Marcus, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51035 | $1,394 | $1,394 | $1,394 | $1,394 | $1,394 |
Source: Ownwell