New Market, Iowa Property Taxes
The median property tax rate in New Market, IA is 1.17%, 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 New Market being $209,110, the typical annual property tax bill amounts to $2,413, slightly below the national median of $2,690. Property taxes in New Market are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding New Market'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 New Market 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
New Market, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$2,447
Ownwell’s New Market Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Market with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Market 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 New Market, Iowa
Property taxes in New Market, Iowa, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Market is 1.17%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within New Market set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Market 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 New Market's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51646 zip code has the highest median property tax rate of 1.17%, while the same zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with New Market 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 New Market Tax Rate
1.17%
Average Page County Tax Rate
1.56%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Market, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51646 | 1.13% | 1.14% | 1.17% | 1.19% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across New Market, Iowa
In New Market, 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 Page 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 New Market, 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. The median home price in New Market is $209,110, and tax bills can vary significantly. For instance, the 25th percentile tax bill is $1,752, while the 75th percentile tax bill is $3,912, and the 90th percentile tax bill is $4,717. Interestingly, the highest and lowest median tax bills are both $2,413 in the 51646 zip code. 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 New Market helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average New Market Assessed Value
$209,110
Average Page County Assessed Value
$100,500
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Market, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51646 | $120,570 | $139,388 | $209,110 | $330,462 | $402,690 |
Source: Ownwell
Property Tax Bills Across New Market, Iowa
In New Market, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the tax bill. For homeowners in New Market, the median home price is $209,110, and the tax rate in Page County significantly influences the final bill. Several factors impact the assessed value, including the property's market value, its condition, and any improvements or additions. Once the assessed value is established, the local tax rate is applied. In New Market, the tax bills can vary widely. For instance, the tax bill at the 25th percentile is $1,752, while at the 75th percentile, it reaches $3,912. At the 90th percentile, homeowners might see a tax bill as high as $4,717. These property taxes directly affect homeowners by contributing to local services such as schools, infrastructure, and public safety, making it crucial for homeowners to understand how their tax bills are determined.
Average New Market Tax Bill
$2,413
Average Page County Tax Bill
$1,497
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across New Market, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51646 | $1,509 | $1,752 | $2,413 | $3,912 | $4,717 |
Source: Ownwell