Cambridge, Iowa Property Taxes
The median property tax rate in Cambridge, IA is 1.53%, slightly lower than the Iowa state median of 1.54% but significantly higher than the national median of 0.99%. With a median home value of $202,350 in Cambridge, the typical annual property tax bill reaches $2,950, surpassing the national median of $2,690. Property taxes in Cambridge are based on the tax assessed value, which often falls below the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Cambridge'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 Cambridge 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
Cambridge, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.53%
Estimate Property Tax Bill
$3,096
Ownwell’s Cambridge Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Cambridge with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Cambridge to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Cambridge, Iowa
Property taxes in Cambridge, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cambridge is 1.53%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Cambridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cambridge 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 Cambridge's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50046 zip code has both the highest and lowest median property tax rate of 1.53%. Understanding how these cities compare with Cambridge provides valuable insights into the varying tax landscape across Story County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cambridge Tax Rate
1.53%
Average Story County Tax Rate
1.36%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cambridge, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50046 | 1.08% | 1.23% | 1.53% | 1.62% | 1.71% |
Source: Ownwell
Property Tax Assessment Values Across Cambridge, Iowa
In Cambridge, 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 Story 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 Cambridge, 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 Cambridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median tax bill in the 50046 zip code is $2,950, which is both the highest and lowest median tax bill in the area.
Average Cambridge Assessed Value
$202,350
Average Story County Assessed Value
$219,000
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cambridge, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50046 | $90,950 | $145,475 | $202,350 | $316,525 | $499,990 |
Source: Ownwell
Property Tax Bills Across Cambridge, Iowa
In Cambridge, property tax bills are determined by the assessed value of the home, which is then multiplied by the local property tax rate. The assessed value is a percentage of the market value, reflecting the home's worth in the current real estate market. For homeowners in Cambridge, factors such as property size, location, and improvements can influence the assessed value. The median home price in Cambridge stands at $202,350, with property tax bills varying significantly. Homeowners in the 25th percentile can expect to pay around $2,265 annually, while those in the 75th percentile face a bill of approximately $3,983. At the higher end, the 90th percentile sees tax bills reaching up to $6,058. These figures show a range that can significantly impact household budgets, especially when compared to the national median property tax rate of 0.99%. Understanding how these factors interplay helps homeowners anticipate their financial responsibilities and plan accordingly. The property tax bill is a crucial component of homeownership costs, affecting long-term affordability and financial planning.
Average Cambridge Tax Bill
$2,950
Average Story County Tax Bill
$2,904
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Cambridge, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50046 | $1,380 | $2,265 | $2,950 | $3,983 | $6,058 |
Source: Ownwell