Diagonal, Iowa Property Taxes
The median property tax rate in Diagonal, IA, is 1.51%, slightly higher than the national median of 0.99% but just below the Iowa state median of 1.54%. With a median home value of $173,220, the typical annual property tax bill in Diagonal reaches $2,704, which is above the national median of $2,690. Property taxes in Diagonal are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Diagonal'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 Diagonal 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
Diagonal, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.51%
Estimate Property Tax Bill
$2,616
Ownwell’s Diagonal Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Diagonal with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Diagonal 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 Diagonal, Iowa
Property taxes in Diagonal, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Diagonal is 1.51%, significantly higher than the U.S. national median of 0.99%. Local government entities within Diagonal set these rates annually, and they can vary significantly across different neighborhoods. Each year, Diagonal 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 Diagonal's effective property tax rate to other areas in Iowa and the national median. For comparison, the 50845 zip code has the highest median property tax rate of 1.51%, while it also has the lowest median tax rate of 1.51%. Understanding how these areas compare with Diagonal provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Diagonal Tax Rate
1.51%
Average Union County Tax Rate
1.84%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Diagonal, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50845 | 1.05% | 1.35% | 1.51% | 1.58% | 1.63% |
Source: Ownwell
Property Tax Assessment Values Across Diagonal, Iowa
In DIAGONAL, 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 Union 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 DIAGONAL, 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 DIAGONAL helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 50845 has the highest and lowest median tax bill at $2,704.
Average Diagonal Assessed Value
$173,220
Average Union County Assessed Value
$97,050
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Diagonal, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50845 | $87,284 | $107,260 | $173,220 | $240,820 | $326,860 |
Source: Ownwell
Property Tax Bills Across Diagonal, Iowa
In Diagonal, Union County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This value represents the estimated market value of the property. The tax rate, applied to this assessed value, is set by local taxing authorities, including the county, city, and school districts. For homeowners in Diagonal, the median home price stands at $173,220. The tax bill can vary significantly, with the 25th percentile at $1,366 and the 75th percentile reaching $3,518. At the 90th percentile, homeowners may see tax bills as high as $5,252. These figures illustrate the range of property tax burdens depending on the assessed value of the property. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax rates. Higher property taxes can impact homeowners' budgets, influencing decisions on property improvements and long-term financial planning. Understanding these factors helps homeowners in Diagonal anticipate their annual property tax obligations effectively.
Average Diagonal Tax Bill
$2,704
Average Union County Tax Bill
$1,746
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Diagonal, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50845 | $1,070 | $1,366 | $2,704 | $3,518 | $5,252 |
Source: Ownwell