Barnes City, Iowa Property Taxes
The median property tax rate in Barnes City, IA is 0.97%, slightly lower than the national median of 0.99% and significantly below the Iowa state median of 1.54%. With a median home value of $47,390 in Barnes City, the typical annual property tax bill is around $444, which is considerably less than the national median of $2,690. Property taxes in Barnes City 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 Barnes City'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 Barnes City 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
Barnes City, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$460
Ownwell’s Barnes City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Barnes City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Barnes City 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 Barnes City, Iowa
Property taxes in Barnes City, IA, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Barnes City is 0.97%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Barnes City set these rates annually, and they can vary across different neighborhoods. Each year, Barnes City 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 Barnes City's effective property tax rate to other areas in IA and the national median. For comparison, the zip code 50027 has both the highest and the lowest median property tax rate in the region, standing at 0.97%. Understanding how these cities compare with Barnes City provides valuable insights into the varying tax landscape across Poweshiek County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Barnes City Tax Rate
0.97%
Average Poweshiek County Tax Rate
1.29%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Barnes City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50027 | 0.81% | 0.91% | 0.97% | 1.10% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Barnes City, Iowa
In Barnes City, 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 Poweshiek County Assessor's Office 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 Barnes City, 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 Barnes City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Barnes City is $47,390, with the highest and lowest median tax bills both recorded at $444 in the zip code 50027.
Average Barnes City Assessed Value
$47,390
Average Poweshiek County Assessed Value
$172,525
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Barnes City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50027 | $31,106 | $39,730 | $47,390 | $49,105 | $96,518 |
Source: Ownwell
Property Tax Bills Across Barnes City, Iowa
In Barnes City, located in Poweshiek County, IA, property tax bills are calculated based on the assessed value of your home. The local tax rate is applied to this assessed value to determine the amount owed. Several factors play a role in calculating your tax bill, including the market value of your property, local government budgets, and specific levies for public services such as schools and infrastructure. Homeowners in Barnes City experience a range of property tax bills. For instance, the 25th percentile tax bill is $322, while the 75th percentile tax bill reaches $528. At the 90th percentile, homeowners may see tax bills as high as $957. The median home price in Barnes City is $47,390, which influences these tax calculations. Compared to the national median property tax rate of 0.99%, Barnes City’s property taxes can be considered relatively moderate. Understanding these factors can help homeowners budget more effectively and anticipate their annual property tax expenses.
Average Barnes City Tax Bill
$444
Average Poweshiek County Tax Bill
$2,264
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Barnes City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50027 | $316 | $322 | $444 | $528 | $957 |
Source: Ownwell