Cambridge, Polk County, Iowa Property Taxes
The median property tax rate in Cambridge, IA is 1.52%, slightly lower than the state median of 1.54% but significantly higher than the national median of 0.99%. With a median home value of $411,035, the typical annual property tax bill in Cambridge reaches $6,044, far exceeding the national median of $2,690. Property taxes in Cambridge are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Cambridge'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 Cambridge 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
Cambridge, Polk County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.52%
Estimate Property Tax Bill
$6,248
$5,798
Ownwell’s Cambridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cambridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cambridge 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 Cambridge, Polk County, Iowa
Property taxes in Cambridge, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cambridge is 1.52%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Cambridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cambridge 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 Cambridge's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50046 has the highest median property tax rate of 1.52%, while the same zip code also has the lowest median tax rate of 1.52%. Understanding how these cities compare with Cambridge provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cambridge Tax Rate
1.52%
Average Polk County Tax Rate
1.69%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cambridge, Polk County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50046 | 1.44% | 1.50% | 1.52% | 1.56% | 1.64% |
Source: Ownwell
Property Tax Assessment Values Across Cambridge, Polk County, Iowa
In Cambridge, 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 Polk 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 Cambridge, 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 Cambridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Cambridge is $6044, while the lowest is also $6044, both found in zip code 50046.
Property Tax Assessment Values Across Cambridge, Polk County, Iowa
Source: Ownwell
$2,050
$223,775
$445,500
Average Cambridge Assessed Value
$411,035
Average Polk County Assessed Value
$231,500
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cambridge, Polk County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50046 | $202,272 | $271,425 | $411,035 | $509,700 | $585,720 |
Source: Ownwell
Property Tax Bills Across Cambridge, Polk County, Iowa
In Cambridge, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Various factors influence the assessed value, including the home's size, age, location, and market conditions. Homeowners in Cambridge pay a median property tax bill of $6,044, which is significantly higher than the national median property tax rate of 0.99%. This higher rate can have a substantial impact on homeowners' finances, especially when considering the median home price of $411,035 in the area. The tax bill can vary widely, with the 25th percentile paying around $4,098, while the 75th percentile sees bills as high as $7,798, and the 90th percentile reaching up to $8,939. These property taxes fund essential public services such as schools, emergency services, and infrastructure, contributing to the overall quality of life in Cambridge. However, the higher-than-average tax rates can be a financial burden for some homeowners.
Average Cambridge Tax Bill
$6,044
Average Polk County Tax Bill
$3,904
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Cambridge, Polk County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50046 | $2,758 | $4,098 | $6,044 | $7,798 | $8,939 |
Source: Ownwell