Spring Hill, Iowa Property Taxes
The median property tax rate in Spring Hill, IA is 1.49%, which is higher than the national median of 0.99% but slightly lower than the Iowa state median of 1.54%. With a median home value of $113,600 in Spring Hill, the typical annual property tax bill amounts to $1,586, falling below the national median of $2,690. Property taxes in Spring Hill are calculated based on the tax assessed value, which often comes in lower than the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding the property tax system in Spring Hill, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Spring Hill or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Spring Hill, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.49%
Estimate Property Tax Bill
$1,693
Ownwell’s Spring Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spring Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spring Hill 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 Spring Hill, Iowa
Property taxes in Spring Hill, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spring Hill is 1.49%, significantly higher than the U.S. national median of 0.99%. Local government entities within Spring Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spring Hill 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 Spring Hill's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50125 zip code has the highest median property tax rate of 1.49%, while the 50125 zip code also has the lowest median tax rate of 1.49%. Understanding how these cities compare with Spring Hill provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spring Hill Tax Rate
1.49%
Average Warren County Tax Rate
1.57%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spring Hill, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50125 | 1.06% | 1.36% | 1.49% | 1.60% | 1.64% |
Source: Ownwell
Property Tax Assessment Values Across Spring Hill, Iowa
In Spring Hill, 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 Warren 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 Spring Hill, 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 Spring Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in the area is $1,586, both found in the zip code 50125.
Average Spring Hill Assessed Value
$113,600
Average Warren County Assessed Value
$233,350
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Spring Hill, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50125 | $18,660 | $67,600 | $113,600 | $144,900 | $181,220 |
Source: Ownwell
Property Tax Bills Across Spring Hill, Iowa
In Spring Hill, located in Warren County, IA, property tax bills are determined by assessing the property's value and applying the local tax rate. The median home price in this area is $113,600, which serves as a baseline for calculating property taxes. The tax bill can vary significantly, with the 25th percentile at $1,038 and the 75th percentile reaching $1,954. At the 90th percentile, homeowners might see bills as high as $2,460. Several factors influence these tax bills, including the assessed value of the property, which is based on market conditions and property characteristics. Local tax rates, which fund public services like schools and infrastructure, also play a crucial role. Homeowners in Spring Hill may find their tax bills higher or lower than the national median property tax rate of 0.99%, depending on these local assessments and rates. Understanding these factors can help homeowners anticipate their annual tax obligations and manage their finances accordingly.
Average Spring Hill Tax Bill
$1,586
Average Warren County Tax Bill
$3,534
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Spring Hill, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50125 | $432 | $1,038 | $1,586 | $1,954 | $2,460 |
Source: Ownwell