Tama, Iowa Property Taxes
The median property tax rate in Tama, IA is 1.85%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Tama, the typical annual property tax bill reaches $1,581, which is lower than the national median of $2,690. Property taxes in Tama are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Tama'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 Tama or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tama, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.85%
Estimate Property Tax Bill
$1,664
Ownwell’s Tama Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tama with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tama 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 Tama, Iowa
Property taxes in Tama, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tama is 1.85%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Tama set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tama 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 Tama's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52339 zip code has the highest median property tax rate of 1.85%, while the same zip code also has the lowest median tax rate of 1.85%. Understanding how these areas compare with Tama provides valuable insights into the varying tax landscape across Tama County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tama Tax Rate
1.85%
Average Tama County Tax Rate
1.60%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tama, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52339 | 1.19% | 1.52% | 1.85% | 2.13% | 2.38% |
Source: Ownwell
Property Tax Assessment Values Across Tama, Iowa
In Tama, 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 Tama 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 Tama, 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. For example, in Tama, the zip code with the highest median tax bill is 52339, where the median tax bill is $1,581. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Tama Assessed Value
$89,940
Average Tama County Assessed Value
$107,220
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tama, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52339 | $30,590 | $53,015 | $89,940 | $138,035 | $195,800 |
Source: Ownwell
Property Tax Bills Across Tama, Iowa
In Tama, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Various factors influence the assessed value, including the home's market value, location, and any improvements made to the property. Homeowners in Tama can expect tax bills that vary significantly. For instance, the 25th percentile tax bill is around $980, while the 75th percentile tax bill is approximately $2,324. At the 90th percentile, tax bills can reach up to $3,346. These figures illustrate the range of property tax burdens residents may face, depending on their home's assessed value and specific circumstances. Comparatively, Tama's property tax rates are slightly above the national median property tax rate of 0.99%. This can have a substantial impact on homeowners, influencing their overall housing costs and financial planning.
Average Tama Tax Bill
$1,581
Average Tama County Tax Bill
$1,687
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Tama, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52339 | $518 | $980 | $1,581 | $2,324 | $3,346 |
Source: Ownwell