New Providence, Iowa Property Taxes
The median property tax rate in New Providence, IA is 0.99%, aligning with the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in New Providence at $262,500, the typical annual property tax bill is $2,397, which is below the national median of $2,690. Property taxes in New Providence are calculated based on the tax assessed value, often less than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding New Providence'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 Providence 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 Providence, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$2,599
Ownwell’s New Providence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Providence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Providence 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 Providence, Iowa
Property taxes in New Providence, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Providence is 1.04%, higher than both the Iowa state median of 1.53% and the U.S. national median of 0.99%. Local government entities within New Providence set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Providence 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 Providence's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50206 zip code has the highest median property tax rate of 2.35%, while the 50106 zip code has the lowest median tax rate of 1.53%. Understanding how these cities compare with New Providence provides valuable insights into the varying tax landscape across Hardin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Providence Tax Rate
0.99%
Average Story County Tax Rate
1.36%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Providence, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50206 | 0.82% | 0.85% | 0.99% | 1.09% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across New Providence, Iowa
In New Providence, 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 local county appraisal district 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 Providence, 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 Providence helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 50206, with a median tax bill of $2,397.
Property Tax Assessment Values Across New Providence, Iowa
Source: Ownwell
$152,200
$1,027,950
$1,903,700
Average New Providence Assessed Value
$262,500
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 New Providence, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50206 | $218,480 | $242,400 | $262,500 | $314,200 | $449,420 |
Source: Ownwell
Property Tax Bills Across New Providence, Iowa
In New Providence, IA, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. The median home price in New Providence is $262,500. Homeowners in the 25th percentile can expect a tax bill around $2,188, while those in the 75th percentile might see bills closer to $3,538. The top 10% of property tax bills reach up to $4,339. These figures highlight the range of tax burdens faced by homeowners, depending on their property values. The property tax rate in New Providence is influenced by various factors, including local government budgets, school district funding, and public services. Compared to the national median property tax rate of 0.99%, the tax rates in New Providence can be seen as competitive, providing necessary funding for community services while being mindful of residents' financial burdens. This balance is crucial for maintaining both fiscal health and homeowner satisfaction.
Average New Providence Tax Bill
$2,397
Average Story County Tax Bill
$2,904
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across New Providence, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50206 | $2,176 | $2,188 | $2,397 | $3,538 | $4,339 |
Source: Ownwell