Westfield, Iowa Property Taxes
The median property tax rate in Westfield, IA is 1.13%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $153,480 in Westfield, the typical annual property tax bill amounts to $1,744, which is below the national median of $2,690. Property taxes in Westfield are determined based on the assessed value, which is often less than the market value due to exemptions like those for primary residences and agricultural properties. Understanding the property tax system in Westfield, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're residing in Westfield or investing in real estate within the city, being well-versed in the local property tax system can provide significant financial benefits.
Last Updated June 14, 2024
Westfield, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$1,734
Ownwell’s Westfield Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Westfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Westfield to project your property tax bill. This valuable tool provides clarity on potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is the value assigned by Plymouth County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Westfield, Iowa
Property taxes in Westfield, Iowa, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Westfield is 1.13%, higher than the U.S. national median of 0.99%. Local government entities in Westfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Westfield 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 Westfield's effective property tax rate to other areas in Plymouth County and the national median. For comparison, the 51062 zip code has both the highest and lowest median property tax rate of 1.13%. Understanding how these cities compare with Westfield provides valuable insights into the varying tax landscape across Plymouth County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Westfield Tax Rate
1.13%
Average Plymouth County Tax Rate
1.13%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Westfield, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51062 | 1.00% | 1.07% | 1.13% | 1.28% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Westfield, Iowa
In Westfield, 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 Plymouth 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 Westfield, 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 Westfield is $153,480, with tax bills ranging from $944 at the 25th percentile to $4,040 at the 90th percentile. Notably, the zip code 51062 has the highest median tax bill at $1,744. 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 Westfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Westfield Assessed Value
$153,480
Average Plymouth County Assessed Value
$198,050
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Westfield, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51062 | $15,608 | $68,290 | $153,480 | $256,210 | $372,044 |
Source: Ownwell
Property Tax Bills Across Westfield, Iowa
In Westfield, Plymouth County, IA, 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 property tax rate set by local taxing authorities. Factors such as the home's location, size, and market conditions play a significant role in determining its assessed value. For homeowners in Westfield, the median home price is $153,480. Property tax bills can vary significantly, with the 25th percentile at $944 and the 75th percentile reaching $2,860. At the higher end, the 90th percentile tax bill can be as much as $4,040. The median tax bill in the area stands at $1,744, which is higher than the national median property tax rate of 0.99%. This variation in property tax bills can significantly impact homeowners, influencing their overall housing costs and financial planning. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Westfield Tax Bill
$1,744
Average Plymouth County Tax Bill
$2,246
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Westfield, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51062 | $466 | $944 | $1,744 | $2,860 | $4,040 |
Source: Ownwell