Drakesville, Iowa Property Taxes
The median property tax rate in Drakesville, IA is 1.08%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Drakesville at $233,160, the typical annual property tax bill is approximately $2,498, just under the national median of $2,690. Property taxes in Drakesville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Drakesville'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 Drakesville 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
Drakesville, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$2,518
Ownwell’s Drakesville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Drakesville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Drakesville 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 Drakesville, Iowa
Property taxes in Drakesville, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Drakesville is 1.08%, which is higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Drakesville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Drakesville 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 Drakesville's effective property tax rate to other areas in Iowa and the national median. For comparison, the zip code 52552 has the highest median property tax rate of 1.08%, while the same zip code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with Drakesville 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 Drakesville Tax Rate
1.08%
Average Wapello County Tax Rate
1.66%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Drakesville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52552 | 0.99% | 1.05% | 1.08% | 1.14% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Drakesville, Iowa
In Drakesville, 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 Drakesville, 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 Drakesville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Drakesville, the highest median tax bill is $2,498 in the 52552 zip code, while the lowest median tax bill is also $2,498 in the same zip code, reflecting a consistency in property tax assessments within the area.
Average Drakesville Assessed Value
$233,160
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 Drakesville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52552 | $53,120 | $146,510 | $233,160 | $311,080 | $386,840 |
Source: Ownwell
Property Tax Bills Across Drakesville, Iowa
In Drakesville, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Drakesville, the median home price is $233,160, which is a key factor in calculating their property tax obligations. The tax bill can vary significantly, with the 25th percentile paying around $1,602 and those in the 75th percentile paying up to $3,392. At the 90th percentile, homeowners might see tax bills as high as $4,164. The highest median tax bill in the area is $2,498, which is consistent across all zip codes in Drakesville, including 52552. This range of tax bills affects homeowners differently, depending on their property's assessed value and the specific tax rate applied. Compared to the national median property tax rate of 0.99%, Drakesville's property tax rates can be quite impactful, influencing the overall cost of homeownership in the area.
Average Drakesville Tax Bill
$2,498
Average Wapello County Tax Bill
$1,372
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Drakesville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52552 | $672 | $1,602 | $2,498 | $3,392 | $4,164 |
Source: Ownwell