Paton, Iowa Property Taxes
The median property tax rate in Paton, IA is 0.84%, which is lower than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Paton at $88,880, the typical annual property tax bill is $834, significantly less than the national median of $2,690. Property taxes in Paton 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 Paton'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 Paton or another part of Webster County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Paton, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$747
Ownwell’s Paton Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Paton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Paton to provide an estimate of your property tax bill. This valuable tool offers insight into potential tax liabilities, helping you make informed financial decisions. For those interested in exploring trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Paton, Iowa
Property taxes in Paton, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Paton is 0.84%, slightly lower than the U.S. national median of 0.99%. Local government entities within Paton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Paton 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 Paton's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50217 has both the highest and lowest median property tax rate of 0.84%. Understanding how these cities compare with Paton 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 Paton Tax Rate
0.84%
Average Webster County Tax Rate
1.86%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Paton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50217 | 0.83% | 0.83% | 0.84% | 0.94% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Paton, Iowa
In Paton, 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 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 Paton, 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 Paton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Paton are both $834.00, occurring in the zip code 50217.
Average Paton Assessed Value
$88,880
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 Paton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50217 | $59,784 | $70,695 | $88,880 | $94,090 | $97,216 |
Source: Ownwell
Property Tax Bills Across Paton, Iowa
In Paton, property tax bills are calculated based on the assessed value of a home, which is determined by the Webster County assessor. The assessed value is a percentage of the property's market value, reflecting local real estate trends. Once the assessed value is established, the property tax rate, known as the millage rate, is applied. This rate is set by various taxing authorities, including the county, school districts, and other local entities. For homeowners in Paton, the median home price is $88,880. The tax bill at the 25th percentile is $634, while at the 75th percentile, it rises to $880. At the 90th percentile, it reaches $908. These figures indicate how property taxes can vary significantly based on home value and specific local rates. Compared to the national median property tax rate of 0.99%, Paton’s property tax rates can influence the overall affordability and financial planning for homeowners. Understanding these factors can help residents anticipate their annual tax obligations and budget accordingly.
Average Paton Tax Bill
$834
Average Webster County Tax Bill
$1,626
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Paton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50217 | $513 | $634 | $834 | $880 | $908 |
Source: Ownwell