Plano, Wayne County, Iowa Property Taxes
The median property tax rate in Plano, Iowa is 1.37%, which is considerably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $98,515 in Plano, the typical annual property tax bill reaches $1,356, well below the national median of $2,690. Property taxes in Plano are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Plano'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 Plano 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
Plano, Wayne County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$1,350
$1,252
Ownwell’s Plano Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Plano with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Plano 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 Plano, Wayne County, Iowa
Property taxes in Plano, Iowa, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Plano is 1.37%, notably higher than the U.S. national median of 0.99%. Local government entities within Plano set these rates annually, and they can vary significantly across different neighborhoods. Each year, Plano 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 Plano's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52581 zip code has the highest median property tax rate of 1.37%, while the same zip code also has the lowest median tax rate of 1.37%. Understanding how these cities compare with Plano 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 Plano Tax Rate
1.37%
Average Wayne County Tax Rate
1.58%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Plano, Wayne County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52581 | 1.32% | 1.34% | 1.37% | 1.39% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Plano, Wayne County, Iowa
In Plano, 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 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 Plano, 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 Plano helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $1,356.00, found in zip code 52581.
Property Tax Assessment Values Across Plano, Wayne County, Iowa
Source: Ownwell
$26,690
$72,995
$119,300
Average Plano Assessed Value
$98,515
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 Plano, Wayne County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52581 | $50,925 | $74,565 | $98,515 | $119,815 | $151,129 |
Source: Ownwell
Property Tax Bills Across Plano, Wayne County, Iowa
In Plano, Wayne County, IA, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions influence the assessed value. For example, the median home price in Plano is $98,515. With a tax bill ranging from $1,055 at the 25th percentile to $2,090 at the 90th percentile, homeowners in Plano can expect their property taxes to vary significantly based on their property's assessed value. The median property tax bill in Plano is $1,356, which is higher than the national median property tax rate of 0.99%. This indicates that homeowners in Plano may face higher property tax bills compared to the national average, impacting their overall cost of homeownership. Understanding these factors helps homeowners anticipate and manage their annual property tax expenses effectively.
Average Plano Tax Bill
$1,356
Average Wayne County Tax Bill
$1,272
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Plano, Wayne County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52581 | $703 | $1,055 | $1,356 | $1,730 | $2,090 |
Source: Ownwell