Barnum, Iowa Property Taxes
The median property tax rate in Barnum, IA is 1.18%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Barnum at $128,815, the typical annual property tax bill is $1,570, falling below the national median of $2,690. Property taxes in Barnum are calculated based on the tax assessed value, which often comes in lower than the market value due to various exemptions like primary residence and agricultural exemptions. By understanding Barnum's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you reside in Barnum or other parts of Webster County, gaining insights into the local property tax system will be highly beneficial.
Last Updated June 14, 2024
Barnum, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$1,520
Ownwell’s Barnum Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Barnum with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Barnum 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 Barnum, Iowa
Property taxes in Barnum, Iowa, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Barnum is 1.18%, which is higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Barnum set these rates annually, and they can vary significantly across different neighborhoods. Each year, Barnum 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 Barnum's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50518 zip code has both the highest and lowest median property tax rate of 1.18%. Understanding how these cities compare with Barnum provides valuable insights into the varying tax landscape across Webster County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Barnum Tax Rate
1.18%
Average Webster County Tax Rate
1.86%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Barnum, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50518 | 0.97% | 1.01% | 1.18% | 1.28% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Barnum, Iowa
In Barnum, 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 Webster 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 Barnum, 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 example, the median home price is $128,815, and the tax bills range from $1,096 at the 25th percentile to $2,953 at the 90th percentile. The highest and lowest median tax bills both stand at $1,570 in the 50518 zip code. 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.
Average Barnum Assessed Value
$128,815
Average Webster County Assessed Value
$94,900
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Barnum, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50518 | $27,912 | $83,830 | $128,815 | $197,988 | $294,143 |
Source: Ownwell
Property Tax Bills Across Barnum, Iowa
In Barnum, located in Webster County, IA, property tax bills are calculated based on the assessed value of a home. The local tax assessor determines this value by evaluating the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the property's size, age, location, and condition. Homeowners in Barnum can expect property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $1,096, while the 75th percentile tax bill reaches approximately $2,306. The 90th percentile tax bill can go up to $2,953, indicating a wide range of tax obligations depending on property characteristics. These tax bills impact homeowners by contributing to their overall housing costs. With the national median property tax rate at 0.99%, understanding how local rates and property assessments work can help homeowners better manage their finances and anticipate annual expenses.
Average Barnum Tax Bill
$1,570
Average Webster County Tax Bill
$1,626
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Barnum, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50518 | $354 | $1,096 | $1,570 | $2,306 | $2,953 |
Source: Ownwell