Thor, Iowa Property Taxes
The median property tax rate in Thor, Iowa is 1.23%, which is higher than the national median of 0.99% but lower than Iowa's state median of 1.54%. With a median home value of $136,040 in Thor, the typical annual property tax bill amounts to $1,855, falling short of the national median of $2,690. Property taxes in Thor are determined based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Navigating Thor's property tax system, exploring applicable exemptions, and identifying opportunities for reductions can result in notable annual savings. Whether you reside in the heart of Thor or another part of Webster County, gaining a comprehensive understanding of the local property tax system will benefit both homeowners and real estate investors alike.
Last Updated June 14, 2024
Thor, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$1,673
Ownwell’s THOR Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in THOR with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in THOR 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 Thor, Iowa
Property taxes in Thor, Iowa, play a crucial role in financing essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thor is 1.23%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Thor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thor 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 Thor's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50591 zip code has the highest median property tax rate of 1.23%, while the same zip code also has the lowest median tax rate of 1.23%. Understanding how these cities compare with Thor 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 Thor Tax Rate
1.23%
Average Webster County Tax Rate
1.86%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thor, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50591 | 0.81% | 1.04% | 1.23% | 1.30% | 1.41% |
Source: Ownwell
Property Tax Assessment Values Across Thor, Iowa
In Thor, 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 Thor, 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 Thor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Thor is $136,040. The highest median tax bill is $1,855 in the 50591 zip code, while the lowest is also $1,855 in the same zip code.
Average Thor Assessed Value
$136,040
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 Thor, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50591 | $42,540 | $84,075 | $136,040 | $211,945 | $250,114 |
Source: Ownwell
Property Tax Bills Across Thor, Iowa
In Thor, located in Webster County, IA, property tax bills are calculated based on the assessed value of the property. The local tax assessor determines this value by evaluating various factors, including the property's size, location, and condition. Once the assessed value is established, it is multiplied by the county's tax rate to calculate the annual tax bill. For example, with a median home price of $136,040, homeowners can expect varying tax bills. The 25th percentile tax bill is around $778, while the 75th percentile reaches $2,678, and the 90th percentile can be as high as $3,350. These figures highlight the range of property tax obligations depending on the specific assessed value of each home. This system ensures that homeowners contribute to local services proportionally to their property's value. Compared to the national median property tax rate of 0.99%, the rates in Thor reflect the local economic conditions and funding needs of Webster County. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Thor Tax Bill
$1,855
Average Webster County Tax Bill
$1,626
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Thor, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50591 | $442 | $778 | $1,855 | $2,678 | $3,350 |
Source: Ownwell