Rolfe, Iowa Property Taxes
The median property tax rate in Rolfe, IA is 0.92%, 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 Rolfe at $158,300, the typical annual property tax bill reaches $1,762, falling below the national median of $2,690. Property taxes in Rolfe are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Rolfe'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 Rolfe 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
Rolfe, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$1,456
Ownwell’s Rolfe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rolfe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rolfe 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 Rolfe, Iowa
Property taxes in Rolfe, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rolfe is 0.92%, slightly lower than the U.S. national median of 0.99%. Local government entities within Rolfe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rolfe 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 Rolfe's effective property tax rate to other regions in Iowa and the national median. For comparison, the zip code 50581 has both the highest and lowest median property tax rate of 0.92%. Understanding how these areas compare with Rolfe provides valuable insights into the varying tax landscape across Palo Alto County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rolfe Tax Rate
0.92%
Average Palo Alto County Tax Rate
1.26%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rolfe, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50581 | 0.74% | 0.79% | 0.92% | 1.00% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Rolfe, Iowa
In Rolfe, 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 Palo Alto 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 Rolfe, 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 Rolfe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $1,762, found in the 50581 zip code.
Average Rolfe Assessed Value
$158,300
Average Palo Alto County Assessed Value
$111,265
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rolfe, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50581 | $92,500 | $99,210 | $158,300 | $262,570 | $322,240 |
Source: Ownwell
Property Tax Bills Across Rolfe, Iowa
In Rolfe, located in Palo Alto County, IA, property tax bills are calculated based on the assessed value of a property and the local tax rate. Homeowners in Rolfe face a median home price of $158,300. The assessed value is determined by the county assessor, who evaluates the property's market value and applies an assessment ratio. This results in an assessed value, which is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. For example, tax bills in Rolfe can vary significantly, with the 25th percentile tax bill at $843 and the 75th percentile tax bill reaching $2,612. At the 90th percentile, homeowners might see bills as high as $3,350. Comparing these figures to the national median property tax rate of 0.99%, Rolfe's tax rates highlight the variability homeowners can experience. This variability can significantly impact household budgets, making it crucial for homeowners to understand their property assessments and tax obligations.
Average Rolfe Tax Bill
$1,762
Average Palo Alto County Tax Bill
$1,364
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Rolfe, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50581 | $750 | $843 | $1,762 | $2,612 | $3,350 |
Source: Ownwell