Shannon City, Iowa Property Taxes
The median property tax rate in Shannon City, IA is 1.54%, aligning with the state median but significantly higher than the national median of 0.99%. With a median home value of $66,560 in Shannon City, the typical annual property tax bill amounts to $1,006, which is below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Navigating Shannon City's property tax system, exploring available exemptions, and identifying opportunities for reductions can yield substantial annual savings. Whether you're residing in Shannon City or investing in its real estate, understanding the local property tax framework is crucial for financial planning and maximizing returns.
Last Updated June 14, 2024
Shannon City, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.54%
Estimate Property Tax Bill
$1,025
Ownwell’s Shannon City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shannon City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shannon City 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 Shannon City, Iowa
Property taxes in Shannon City, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shannon City is 1.54%, significantly higher than the U.S. national median of 0.99%. Local government entities within Shannon City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shannon City 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 Shannon City's effective property tax rate to other areas in the county and the national median. For comparison, the zip code 50861 has the highest median property tax rate of 1.54%, while the same zip code also has the lowest median tax rate of 1.54%. Understanding how these areas compare with Shannon City 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 Shannon City Tax Rate
1.54%
Average Union County Tax Rate
1.84%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shannon City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50861 | 1.15% | 1.47% | 1.54% | 1.67% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Shannon City, Iowa
In Shannon City, 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 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 Shannon City, 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 Shannon City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $66,560, with the 25th percentile tax bill at $413 and the 75th percentile at $2,035. The highest and lowest median tax bills both stand at $1,006 in the zip code 50861.
Average Shannon City Assessed Value
$66,560
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 Shannon City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50861 | $9,080 | $26,420 | $66,560 | $129,690 | $193,910 |
Source: Ownwell
Property Tax Bills Across Shannon City, Iowa
In Shannon City, Union County, IA, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions are considered in the assessment process. Homeowners in Shannon City experience a range of tax bills, with the 25th percentile paying around $413 and the 75th percentile facing bills up to $2035. The highest median tax bill in the area is $1006, which is significantly lower than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure. For homeowners, understanding how these taxes are calculated and what influences them is crucial for financial planning and property management. While the tax rate in Shannon City is relatively modest, it still represents a significant expense that homeowners must account for annually.
Average Shannon City Tax Bill
$1,006
Average Union County Tax Bill
$1,746
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Shannon City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50861 | $100 | $413 | $1,006 | $2,035 | $3,067 |
Source: Ownwell