Maxwell, Iowa Property Taxes
The median property tax rate in Maxwell, IA is 1.48%, which is higher than both the national median of 0.99% and the Iowa state median of 1.54%. With a median home value of $194,000 in Maxwell, the typical annual property tax bill reaches $2,764, surpassing the national median of $2,690. Property taxes in Maxwell are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Maxwell'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 Maxwell 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
Maxwell, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.48%
Estimate Property Tax Bill
$2,871
Ownwell’s Maxwell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Maxwell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Maxwell 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 Maxwell, Iowa
Property taxes in Maxwell, Iowa, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Maxwell is 1.48%, notably higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Maxwell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Maxwell 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 Maxwell's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50161 zip code has the highest median property tax rate of 1.48%, while the same zip code also has the lowest median tax rate of 1.48%. Understanding how these cities compare with Maxwell 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 Maxwell Tax Rate
1.48%
Average Story County Tax Rate
1.36%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Maxwell, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50161 | 1.02% | 1.13% | 1.48% | 1.60% | 1.69% |
Source: Ownwell
Property Tax Assessment Values Across Maxwell, Iowa
In Maxwell, 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 Maxwell, 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 Maxwell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 50161 has the highest and lowest median tax bill, both valued at $2764.
Average Maxwell Assessed Value
$194,000
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 Maxwell, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50161 | $87,100 | $136,800 | $194,000 | $327,100 | $420,950 |
Source: Ownwell
Property Tax Bills Across Maxwell, Iowa
In Maxwell, Story County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. For example, with a median home price of $194,000, homeowners can expect to pay varying amounts depending on their specific property assessments and applicable exemptions. Several factors influence the final tax bill, including property size, location, and any improvements made to the property. Additionally, local government budgets and school district funding requirements can affect the tax rate. In Maxwell, the 25th percentile of tax bills is around $1,990, while the 75th percentile reaches approximately $3,872. For those at the 90th percentile, tax bills can climb to about $5,195. Compared to the national median property tax rate of 0.99%, the property taxes in Maxwell can significantly impact homeowners, particularly those with higher-valued properties or fewer exemptions. Understanding these factors can help residents anticipate their annual tax obligations and budget accordingly.
Average Maxwell Tax Bill
$2,764
Average Story County Tax Bill
$2,904
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Maxwell, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50161 | $1,275 | $1,990 | $2,764 | $3,872 | $5,195 |
Source: Ownwell