Runnells, Polk County, Iowa Property Taxes
The median property tax rate in Runnells, IA is 1.35%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $339,660 in Runnells, the typical annual property tax bill amounts to $4,588, significantly surpassing the national median of $2,690. Property taxes in Runnells are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Runnells' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Runnells or another part of Polk County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Runnells, Polk County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$4,585
$4,255
Ownwell’s Runnells Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Runnells with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Runnells 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 Runnells, Polk County, Iowa
Property taxes in Runnells, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Runnells is 1.35%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Runnells set these rates annually, and they can vary significantly across different neighborhoods. Each year, Runnells 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 Runnells' effective property tax rate to other areas in Polk County and the national median. For comparison, the zip code 50237 has the highest median property tax rate of 1.35%, while the same zip code also has the lowest median tax rate of 1.35%. Understanding how these areas compare with Runnells 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 Runnells Tax Rate
1.35%
Average Polk County Tax Rate
1.69%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Runnells, Polk County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50237 | 1.27% | 1.32% | 1.35% | 1.44% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across Runnells, Polk County, Iowa
In Runnells, 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 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 Runnells, 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 tax bill in Runnells is notably higher than the national median, with the highest median tax bill recorded at $4,588 in the 50237 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 Runnells helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Runnells, Polk County, Iowa
Source: Ownwell
$2,050
$223,775
$445,500
Average Runnells Assessed Value
$339,660
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 Runnells, Polk County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50237 | $145,020 | $237,160 | $339,660 | $468,000 | $583,000 |
Source: Ownwell
Property Tax Bills Across Runnells, Polk County, Iowa
In Runnells, Polk County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to arrive at the annual tax bill. The median home price in Runnells is $339,660, which serves as a baseline for many homeowners' tax calculations. Several factors influence the tax bill, including property size, location, and any applicable exemptions. Homeowners in Runnells can expect a wide range of property tax bills. For instance, the tax bill at the 25th percentile is $3,271, while at the 75th percentile, it reaches $6,295. The tax bill at the 90th percentile can be as high as $7,940. Compared to the national median property tax rate of 0.99%, Runnells' rates reflect a localized approach to property taxation. These taxes fund essential public services, impacting homeowners by contributing to the quality of local schools, infrastructure, and emergency services.
Average Runnells Tax Bill
$4,588
Average Polk County Tax Bill
$3,904
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Runnells, Polk County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50237 | $2,137 | $3,271 | $4,588 | $6,295 | $7,940 |
Source: Ownwell