Washington, Washington County, Iowa Property Taxes
The median property tax rate in Washington, IA is 1.73%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Washington at $153,900, the typical annual property tax bill reaches $2,600, just below the national median of $2,690. Property taxes in Washington are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Washington'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 Washington 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
Washington, Washington County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.73%
Estimate Property Tax Bill
$2,662
$2,471
Ownwell’s Washington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Washington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Washington 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 Washington, Washington County, Iowa
Property taxes in Washington, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Washington is 1.73%, significantly higher than the U.S. national median of 0.99%. Local government entities within Washington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Washington 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 Washington's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52353 zip code has the highest median property tax rate of 1.73%, while the same zip code also has the lowest median tax rate of 1.73%. Understanding how these cities compare with Washington provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Washington Tax Rate
1.73%
Average Washington County Tax Rate
1.51%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Washington, Washington County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52353 | 1.28% | 1.51% | 1.73% | 1.85% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Washington, Washington County, Iowa
In Washington, 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. 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 Washington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Washington, the highest median tax bill is $2600 in zip code 52353, while the lowest median tax bill is also $2600 in the same zip code.
Property Tax Assessment Values Across Washington, Washington County, Iowa
Source: Ownwell
$55,400
$147,950
$240,500
Average Washington Assessed Value
$153,900
Average Washington County Assessed Value
$175,000
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Washington, Washington County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52353 | $66,300 | $101,800 | $153,900 | $224,050 | $316,340 |
Source: Ownwell
Property Tax Bills Across Washington, Washington County, Iowa
In Washington, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Washington is $153,900, and the property tax rate is applied to this assessed value to calculate the annual tax bill. Various factors influence the assessed value, including the property's market value, location, and any improvements made to the home. Homeowners in Washington can expect their tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $1,742, while at the 75th percentile, it rises to $3,566. At the 90th percentile, homeowners might see tax bills as high as $4,896. This variation can impact homeowners differently, depending on the assessed value of their property. Comparatively, the national median property tax rate is 0.99%, making it essential for Washington homeowners to understand how their local rates and property values influence their annual tax obligations.
Average Washington Tax Bill
$2,600
Average Washington County Tax Bill
$2,626
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Washington, Washington County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52353 | $1,158 | $1,742 | $2,600 | $3,566 | $4,896 |
Source: Ownwell