Allerton, Iowa Property Taxes
The median property tax rate in Allerton, IA is 1.47%, 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 $69,380, the typical annual property tax bill in Allerton is about $1,068, falling below the national median of $2,690. Property taxes here are calculated based on the assessed value, which is often less than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Allerton'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 Allerton or another part of Wayne County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Allerton, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.47%
Estimate Property Tax Bill
$1,020
Ownwell’s Allerton Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers a straightforward way to estimate their annual property taxes in Allerton using just two key data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Allerton to provide an estimated property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in neighborhood-specific trends, you can find more detailed information further down the page. Your property’s assessed value is determined by Wayne County for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Allerton, Iowa
Property taxes in Allerton, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Allerton is 1.47%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Allerton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Allerton 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 Allerton's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50008 zip code has the highest median property tax rate of 1.47%, while the same zip code also has the lowest median tax rate of 1.47%. Understanding how these cities compare with Allerton provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Allerton Tax Rate
1.47%
Average Wayne County Tax Rate
1.58%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Allerton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50008 | 1.20% | 1.33% | 1.47% | 1.69% | 1.80% |
Source: Ownwell
Property Tax Assessment Values Across Allerton, Iowa
In Allerton, 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 Wayne 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 Allerton, 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. The median home price in Allerton is $69,380, with tax bills ranging from $580 at the 25th percentile to $2,927 at the 90th percentile. The highest and lowest median tax bill in the area is $1,068, found in the 50008 zip code. 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 Allerton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Allerton Assessed Value
$69,380
Average Wayne County Assessed Value
$80,110
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Allerton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50008 | $14,530 | $35,220 | $69,380 | $124,530 | $203,482 |
Source: Ownwell
Property Tax Bills Across Allerton, Iowa
In Allerton, 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 a percentage of the market value, which can fluctuate based on real estate trends and economic factors. Homeowners in Allerton can expect their tax bills to be influenced by this assessed value along with the local tax rate set by Wayne County authorities. For example, the median home price in Allerton is $69,380, and the property tax rate is used to calculate the annual tax bill. Typically, property tax bills in Allerton range from $580 at the 25th percentile to $2,927 at the 90th percentile, reflecting the variations in home values and assessed rates. This means homeowners with higher-valued properties will see higher tax bills, which can impact their financial planning and homeownership costs. Compared to the national median property tax rate of 0.99%, homeowners in Allerton experience a diverse range of tax bills, influenced by local assessments and economic conditions.
Average Allerton Tax Bill
$1,068
Average Wayne County Tax Bill
$1,272
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Allerton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50008 | $213 | $580 | $1,068 | $1,766 | $2,927 |
Source: Ownwell