Albia, Wapello County, Iowa Property Taxes
The median property tax rate in Albia, IA is 1.01%, slightly higher than the national median of 0.99% but significantly lower than the Iowa state median of 1.54%. With the median home value in Albia at $210,040, the typical annual property tax bill reaches $1,976, which is below the national median of $2,690. Property taxes in Albia are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Albia'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 Albia 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
Albia, Wapello County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$2,121
$1,969
Ownwell’s Albia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Albia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Albia 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 Albia, Wapello County, Iowa
Property taxes in Albia, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Albia is 1.01%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Albia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Albia 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 Albia's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52531 zip code has the highest median property tax rate of 1.01%, while the 52531 zip code also has the lowest median tax rate of 1.01%. Understanding how these cities compare with Albia provides valuable insights into the varying tax landscape across Wapello County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albia Tax Rate
1.01%
Average Wapello County Tax Rate
1.66%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albia, Wapello County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52531 | 0.94% | 0.95% | 1.01% | 1.04% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Albia, Wapello County, Iowa
In Albia, 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 Wapello 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 Albia, 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 Albia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Albia are both $1,976, found in the 52531 zip code.
Property Tax Assessment Values Across Albia, Wapello County, Iowa
Source: Ownwell
$36,085
$134,623
$233,160
Average Albia Assessed Value
$210,040
Average Wapello County Assessed Value
$83,735
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albia, Wapello County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52531 | $84,120 | $138,975 | $210,040 | $361,745 | $391,250 |
Source: Ownwell
Property Tax Bills Across Albia, Wapello County, Iowa
Property tax bills in Albia, located in Wapello County, IA, are calculated based on the assessed value of the property, which is determined by local assessors. The assessed value is a percentage of the property's market value, with the tax rate applied to this value to determine the final tax bill. Several factors influence the assessed value, including the property's location, size, age, and condition. In Albia, the median home price is $210,040, and property tax bills can vary significantly. For example, the tax bill at the 25th percentile is $1,425, while at the 75th percentile, it climbs to $3,544. The 90th percentile sees tax bills as high as $4,070. These variations reflect differences in property values and the specific characteristics of each property. Homeowners in Albia should be aware that their property tax bills can have a substantial impact on their annual expenses. Comparing these figures to the national median property tax rate of 0.99% highlights the importance of understanding local property tax dynamics.
Average Albia Tax Bill
$1,976
Average Wapello County Tax Bill
$1,372
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Albia, Wapello County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52531 | $956 | $1,425 | $1,976 | $3,544 | $4,070 |
Source: Ownwell