Promise City, Wayne County, Iowa Property Taxes
The median property tax rate in Promise City, IA is 1.41%, which is higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Promise City at $89,180, the typical annual property tax bill reaches $1,277, falling below the national median of $2,690. Property taxes in Promise City 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 Promise City'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 Promise City 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
Promise City, Wayne County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.41%
Estimate Property Tax Bill
$1,257
$1,167
Ownwell’s Promise City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Promise City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Promise City 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 Promise City, Wayne County, Iowa
Property taxes in Promise City, Iowa, are essential for funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Promise City is 1.41%, notably higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Promise City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Promise City 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 Promise City's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52583 zip code has the highest median property tax rate of 1.41%, while the same zip code also has the lowest median tax rate of 1.41%. Understanding how these cities compare with Promise City 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 Promise City Tax Rate
1.41%
Average Wayne County Tax Rate
1.58%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Promise City, Wayne County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52583 | 1.07% | 1.30% | 1.41% | 1.57% | 1.75% |
Source: Ownwell
Property Tax Assessment Values Across Promise City, Wayne County, Iowa
In Promise City, 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 Promise City, 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. For instance, the median home price in Promise City is $89,180. Tax bills can vary significantly, with the 25th percentile at $616 and the 75th percentile at $2,178. The highest median tax bill in the area is $1,277 in zip code 52583. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Promise City, Wayne County, Iowa
Source: Ownwell
$26,690
$72,995
$119,300
Average Promise City Assessed Value
$89,180
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 Promise City, Wayne County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52583 | $16,670 | $39,765 | $89,180 | $156,490 | $249,290 |
Source: Ownwell
Property Tax Bills Across Promise City, Wayne County, Iowa
In Promise City, property tax bills are calculated based on the assessed value of a home, which is determined by the Wayne County Assessor's Office. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. The median home price in Promise City is $89,180, and the property tax rates can vary across the county. Several factors influence the final tax bill, including the property's market value, exemptions, and local tax levies. For instance, the tax bill at the 25th percentile is $616, while at the 75th percentile, it rises to $2,178. At the 90th percentile, homeowners can expect to pay around $3,203 annually. These property tax bills significantly impact homeowners by contributing to the overall cost of homeownership. While the national median property tax rate is 0.99%, the specific rates in Promise City can lead to varying financial obligations for residents, underscoring the importance of understanding local tax assessments and exemptions.
Average Promise City Tax Bill
$1,277
Average Wayne County Tax Bill
$1,272
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Promise City, Wayne County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52583 | $237 | $616 | $1,277 | $2,178 | $3,203 |
Source: Ownwell