Toledo, Iowa Property Taxes
The median property tax rate in Toledo, Iowa is 1.90%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Toledo at $109,110, the typical annual property tax bill reaches $1,954, exceeding the national median of $2,690. Property taxes in Toledo 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 Toledo'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 Toledo 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
Toledo, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.9%
Estimate Property Tax Bill
$2,073
Ownwell’s Toledo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Toledo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Toledo 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 Toledo, Iowa
Property taxes in Toledo, Iowa, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Toledo stands at 1.90%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Toledo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Toledo 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 Toledo's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 52342 in Tama County has the highest median property tax rate of 1.90%, while the same zip code also has the lowest median tax rate of 1.90%. Understanding how these cities compare with Toledo 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 Toledo Tax Rate
1.90%
Average Tama County Tax Rate
1.60%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Toledo, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52342 | 1.27% | 1.56% | 1.90% | 2.14% | 2.37% |
Source: Ownwell
Property Tax Assessment Values Across Toledo, Iowa
In Toledo, 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 Toledo, 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 Toledo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Toledo, the highest median tax bill is $1,954 in the 52342 zip code, which also represents the lowest median tax bill. The median home price is $109,110, with tax bills ranging from $1,411 at the 25th percentile to $3,543 at the 90th percentile.
Average Toledo Assessed Value
$109,110
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 Toledo, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52342 | $49,064 | $74,210 | $109,110 | $151,980 | $209,522 |
Source: Ownwell
Property Tax Bills Across Toledo, Iowa
In Toledo, located in Tama County, IA, property tax bills are calculated based on the assessed value of your home. The local assessor determines this value by evaluating various factors such as the property's market value, location, and any improvements made. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in Toledo, the median home price is $109,110. At the 25th percentile, property tax bills are around $1,411, while at the 75th percentile, they can reach up to $2,729. The 90th percentile sees tax bills as high as $3,543. Compared to the national median property tax rate of 0.99%, Toledo's tax situation can be considered moderate. These property taxes fund essential local services such as public schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Understanding how these taxes are calculated can help homeowners plan their finances and anticipate annual expenses.
Average Toledo Tax Bill
$1,954
Average Tama County Tax Bill
$1,687
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Toledo, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52342 | $953 | $1,411 | $1,954 | $2,729 | $3,543 |
Source: Ownwell