Honey Creek, Iowa Property Taxes
The median property tax rate in Honey Creek, IA is 1.19%, higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Honey Creek at $278,700, the typical annual property tax bill reaches $3,362, exceeding the national median of $2,690. Property taxes in Honey Creek 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 Honey Creek'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 Honey Creek 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
Honey Creek, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.19%
Estimate Property Tax Bill
$3,317
Ownwell’s Honey Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Honey Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Honey Creek 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 Honey Creek, Iowa
Property taxes in Honey Creek, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Honey Creek is 1.19%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Honey Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Honey Creek 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 Honey Creek's effective property tax rate to other areas in Iowa and the national median. For comparison, the 51542 zip code has the highest median property tax rate of 1.19%, while the 51542 zip code also has the lowest median tax rate of 1.19%. Understanding how these areas compare with Honey Creek provides valuable insights into the varying tax landscape across Pottawattamie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Honey Creek Tax Rate
1.19%
Average Pottawattamie County Tax Rate
1.73%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Honey Creek, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51542 | 1.06% | 1.13% | 1.19% | 1.26% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Honey Creek, Iowa
In Honey Creek, 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 Pottawattamie 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 Honey Creek, 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 Honey Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $3,362 in the zip code 51542, while the lowest is also $3,362 in the same zip code.
Average Honey Creek Assessed Value
$278,700
Average Pottawattamie County Assessed Value
$173,400
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Honey Creek, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51542 | $142,940 | $202,000 | $278,700 | $378,100 | $484,080 |
Source: Ownwell
Property Tax Bills Across Honey Creek, Iowa
In Honey Creek, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the home. For example, a median home price in Honey Creek is $278,700. Property taxes are then calculated by applying the local tax rate to this assessed value. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. Homeowners in Honey Creek can expect varying tax bills; the 25th percentile tax bill is around $2,381, while the 75th percentile tax bill can reach $4,466. At the 90th percentile, tax bills can be as high as $5,820. Compared to the national median property tax rate of 0.99%, Honey Creek's tax rates can be higher, affecting homeowners by increasing their annual expenses. These taxes fund essential services like schools, public safety, and infrastructure, making them a critical component of community development.
Average Honey Creek Tax Bill
$3,362
Average Pottawattamie County Tax Bill
$2,932
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Honey Creek, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51542 | $1,715 | $2,381 | $3,362 | $4,466 | $5,820 |
Source: Ownwell