Hillsboro, Iowa Property Taxes
The median property tax rate in Hillsboro, IA is 0.95%, slightly below the national median of 0.99% and significantly lower than the Iowa state median of 1.54%. With the median home value in Hillsboro, the typical annual property tax bill reaches $1,232, which is below the national median of $2,690. Property taxes in Hillsboro are calculated based on the tax assessed value, often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Hillsboro'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 Hillsboro or another part of Van Buren County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hillsboro, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$1,229
Ownwell’s Hillsboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hillsboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hillsboro 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 Hillsboro, Iowa
Property taxes in Hillsboro, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hillsboro is 0.95%, slightly below the U.S. national median of 0.99%. Local government entities within Hillsboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hillsboro 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 Hillsboro's effective property tax rate to other areas and the national median. For comparison, the 52630 zip code has the same median property tax rate of 0.95%. Understanding how these cities compare with Hillsboro provides valuable insights into the varying tax landscape across Van Buren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hillsboro Tax Rate
0.95%
Average Van Buren County Tax Rate
1.04%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hillsboro, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52630 | 0.85% | 0.90% | 0.95% | 1.06% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Hillsboro, Iowa
In Hillsboro, 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 Van Buren 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 Hillsboro, 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 Hillsboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $1,232 in zip code 52630, indicating a consistent tax environment.
Average Hillsboro Assessed Value
$129,360
Average Van Buren County Assessed Value
$93,400
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hillsboro, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52630 | $72,126 | $103,970 | $129,360 | $161,985 | $207,714 |
Source: Ownwell
Property Tax Bills Across Hillsboro, Iowa
In Hillsboro, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, the median home price in Hillsboro stands at $129,360. The property tax rate in this region is influenced by various factors, including local government budgets, school funding, and public services. Homeowners in Hillsboro typically see a range of property tax bills. At the 25th percentile, the tax bill is around $950, while at the 75th percentile, it climbs to approximately $1607. For those at the 90th percentile, the tax bill can reach up to $1977. This variation reflects differences in home values and specific neighborhood assessments. Compared to the national median property tax rate of 0.99%, Hillsboro's property tax rate can significantly impact homeowners, influencing their annual financial planning and overall cost of homeownership.
Average Hillsboro Tax Bill
$1,232
Average Van Buren County Tax Bill
$987
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Hillsboro, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52630 | $678 | $950 | $1,232 | $1,607 | $1,977 |
Source: Ownwell