Traer, Iowa Property Taxes
The median property tax rate in Traer, IA is 1.72%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Traer, the typical annual property tax bill reaches $1,894, still below the national median of $2,690. Property taxes in Traer 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 Traer'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 Traer 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
Traer, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.72%
Estimate Property Tax Bill
$2,087
Ownwell’s Traer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Traer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Traer 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 Traer, Iowa
Property taxes in Traer, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Traer is 1.72%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Traer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Traer 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 Traer's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50675 zip code has the highest median property tax rate of 1.72%, while the same zip code also has the lowest median tax rate of 1.72%. Understanding how these cities compare with Traer 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 Traer Tax Rate
1.72%
Average Tama County Tax Rate
1.60%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Traer, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50675 | 0.93% | 1.26% | 1.72% | 1.97% | 2.18% |
Source: Ownwell
Property Tax Assessment Values Across Traer, Iowa
In Traer, 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 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 Traer, 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 Traer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Traer are both $1894, found in the 50675 zip code.
Average Traer Assessed Value
$121,320
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 Traer, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50675 | $56,162 | $80,580 | $121,320 | $181,500 | $254,290 |
Source: Ownwell
Property Tax Bills Across Traer, Iowa
In Traer, located in Tama County, IA, property tax bills are determined based on the assessed value of a home. The assessed value is a percentage of the property's market value, and local tax rates are applied to this assessed value to calculate the tax bill. Factors influencing the tax bill include the home's assessed value, local tax rates, and any applicable exemptions or deductions. For homeowners in Traer, the median home price is $121,320. The property tax rate in the area results in a range of tax bills. For instance, the 25th percentile tax bill is $1,362, while the 75th percentile reaches $2,610. At the higher end, the 90th percentile tax bill can go up to $3,789. The highest and lowest median tax bills in the region are both recorded at $1,894 in the 50675 zip code. These tax bills can significantly impact homeowners, influencing their overall cost of living and financial planning. Compared to the national median property tax rate of 0.99%, Traer’s property tax rates are relatively aligned, offering a balanced fiscal environment for residents.
Average Traer Tax Bill
$1,894
Average Tama County Tax Bill
$1,687
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Traer, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50675 | $900 | $1,362 | $1,894 | $2,610 | $3,789 |
Source: Ownwell