New Sharon, Poweshiek County, Iowa Property Taxes
The median property tax rate in New Sharon, IA is 1.02%, slightly above the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in New Sharon at $185,795, the typical annual property tax bill is $2,006, which is below the national median of $2,690. Property taxes in New Sharon are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding New Sharon'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 New Sharon 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
New Sharon, Poweshiek County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$1,895
$1,759
Ownwell’s New Sharon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Sharon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Sharon 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 New Sharon, Poweshiek County, Iowa
Property taxes in New Sharon, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Sharon is 1.02%, higher than the U.S. national median of 0.99%. Local government entities within New Sharon set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Sharon 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 New Sharon's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50207 zip code has the highest median property tax rate of 1.02%, while the same 50207 zip code also has the lowest median tax rate of 1.02%. Understanding how these cities compare with New Sharon 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 New Sharon Tax Rate
1.02%
Average Poweshiek County Tax Rate
1.29%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Sharon, Poweshiek County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50207 | 0.90% | 0.94% | 1.02% | 1.16% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across New Sharon, Poweshiek County, Iowa
In New Sharon, 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 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 New Sharon, 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 New Sharon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both in the 50207 zip code, with a median tax bill of $2006.
Property Tax Assessment Values Across New Sharon, Poweshiek County, Iowa
Source: Ownwell
$105,310
$164,245
$223,180
Average New Sharon Assessed Value
$185,795
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 New Sharon, Poweshiek County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50207 | $77,329 | $142,450 | $185,795 | $347,382 | $575,525 |
Source: Ownwell
Property Tax Bills Across New Sharon, Poweshiek County, Iowa
In New Sharon, located in Poweshiek County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $185,795, homeowners can expect varying tax bills depending on their property's assessed value and specific tax rate. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For example, tax bills in New Sharon range from $1,314 at the 25th percentile to $2,922 at the 75th percentile, with the 90th percentile reaching up to $6,094. These figures highlight how the assessed value and local tax rates can significantly affect homeowners' annual expenses. Compared to the national median property tax rate of 0.99%, Poweshiek County's rates provide a context for understanding local tax burdens. Homeowners should consider these factors when budgeting for annual property expenses in New Sharon.
Average New Sharon Tax Bill
$2,006
Average Poweshiek County Tax Bill
$2,264
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across New Sharon, Poweshiek County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50207 | $710 | $1,314 | $2,006 | $2,922 | $6,094 |
Source: Ownwell