Princeton, Scott County, Iowa Property Taxes
The median property tax rate in Princeton, Iowa is 1.12%, which is higher than the national median of 0.99% but lower than Iowa's state median of 1.54%. With the median home value in Princeton at $239,150, the typical annual property tax bill amounts to $2,560, slightly below the national median of $2,690. Property taxes in Princeton are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Princeton'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 Princeton or another part of Scott County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Princeton, Scott County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$2,678
$2,486
Ownwell’s Princeton Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Princeton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Princeton 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 Scott County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Princeton, Scott County, Iowa
Property taxes in Princeton, Iowa, are essential in funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Princeton is 1.12%, which is higher than the U.S. national median of 0.99%. Local government entities within Princeton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Princeton 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 Princeton's effective property tax rate to other areas in Scott County and the national median. For comparison, the zip code 52768 has the highest median property tax rate of 1.12%, while the same zip code also has the lowest median tax rate of 1.12%. Understanding how these areas compare with Princeton provides valuable insights into the varying tax landscape across Scott County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Princeton Tax Rate
1.12%
Average Scott County Tax Rate
1.63%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Princeton, Scott County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52768 | 0.86% | 0.99% | 1.12% | 1.23% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Princeton, Scott County, Iowa
In Princeton, 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 Scott 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 Princeton, 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 Princeton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Princeton are both $2560, found in zip code 52768.
Property Tax Assessment Values Across Princeton, Scott County, Iowa
Source: Ownwell
$87,475
$197,388
$307,300
Average Princeton Assessed Value
$239,150
Average Scott County Assessed Value
$184,110
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Princeton, Scott County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52768 | $66,310 | $150,400 | $239,150 | $319,700 | $403,730 |
Source: Ownwell
Property Tax Bills Across Princeton, Scott County, Iowa
In Princeton, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the Scott County Assessor's Office. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors that influence the assessed value include the property's market value, location, and any improvements or renovations made to the home. For homeowners in Princeton, the median home price is $239,150. The property tax bill can vary significantly, with the 25th percentile paying around $1,832 and the 75th percentile paying approximately $3,658. At the 90th percentile, homeowners can expect to pay up to $4,633 annually. The highest and lowest median tax bills in the area are both $2,560, corresponding to the zip code 52768. Compared to the national median property tax rate of 0.99%, Princeton homeowners may experience varying degrees of financial impact based on their property's assessed value and the specific tax rate applied. This can influence decisions on homeownership, property investments, and overall financial planning.
Average Princeton Tax Bill
$2,560
Average Scott County Tax Bill
$2,966
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Princeton, Scott County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52768 | $1,212 | $1,832 | $2,560 | $3,658 | $4,633 |
Source: Ownwell