Ridgeway, Iowa Property Taxes
The median property tax rate in Ridgeway, IA is 1.23%, 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 Ridgeway at $177,555, the typical annual property tax bill amounts to $2,291, falling below the national median of $2,690. Property taxes in Ridgeway are calculated based on the assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Ridgeway's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in significant annual savings. Whether you're in the heart of Ridgeway or another part of the city, grasping the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Ridgeway, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$2,184
Ownwell’s Ridgeway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ridgeway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ridgeway 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 Ridgeway, Iowa
Property taxes in Ridgeway, Iowa, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Ridgeway is 1.23%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Ridgeway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ridgeway 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 Ridgeway's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52165 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 Ridgeway provides valuable insights into the varying tax landscape across Winneshiek County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ridgeway Tax Rate
1.23%
Average Winneshiek County Tax Rate
1.33%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ridgeway, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52165 | 1.08% | 1.13% | 1.23% | 1.43% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Ridgeway, Iowa
In Ridgeway, 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 Winneshiek 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 Ridgeway, 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 Ridgeway is $177,555, with tax bills ranging from $1,594 at the 25th percentile to $4,666 at the 90th percentile. The zip code 52165 has the highest median tax bill at $2,291. 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 Ridgeway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ridgeway Assessed Value
$177,555
Average Winneshiek County Assessed Value
$200,930
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ridgeway, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52165 | $68,617 | $119,778 | $177,555 | $263,360 | $373,547 |
Source: Ownwell
Property Tax Bills Across Ridgeway, Iowa
In Ridgeway, located in Winneshiek County, IA, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the county assessor and reflects the market value of the property. The tax rate is then applied to this assessed value to determine the annual property tax bill. For example, with a median home price of $177,555, homeowners in Ridgeway can expect a property tax bill that varies significantly. At the 25th percentile, the tax bill is around $1,594, while at the 75th percentile, it rises to approximately $3,363. Those in the 90th percentile may see tax bills as high as $4,666. This range indicates how property taxes can impact homeowners differently, depending on the assessed value of their property. Compared to the national median property tax rate of 0.99%, Ridgeway's property tax rates can be seen as relatively moderate, offering a balanced approach to property taxation within the region.
Average Ridgeway Tax Bill
$2,291
Average Winneshiek County Tax Bill
$2,768
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Ridgeway, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52165 | $989 | $1,594 | $2,291 | $3,363 | $4,666 |
Source: Ownwell