Waucoma, Iowa Property Taxes
The median property tax rate in Waucoma, IA is 1.06%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Waucoma at $169,810, the typical annual property tax bill amounts to $1,762, which is below the national median of $2,690. Property taxes in Waucoma are calculated based on the assessed value, which is often less than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Waucoma'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 Waucoma 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
Waucoma, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$1,800
Ownwell’s WAUCOMA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in WAUCOMA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in WAUCOMA 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 Waucoma, Iowa
Property taxes in Waucoma, Iowa, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Waucoma is 1.06%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Waucoma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waucoma 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 Waucoma's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 52171 has the highest median property tax rate of 1.06%, while the same zip code also has the lowest median tax rate of 1.06%. Understanding how these cities compare with Waucoma 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 Waucoma Tax Rate
1.06%
Average Winneshiek County Tax Rate
1.33%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waucoma, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52171 | 1.02% | 1.04% | 1.06% | 1.12% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Waucoma, Iowa
In Waucoma, 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 local 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 Waucoma, 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. For instance, the median home price in Waucoma is $169,810, with tax bills ranging from $1,482 at the 25th percentile to $3,630 at the 90th percentile. The zip code 52171 has the highest and lowest median tax bill of $1,762. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Waucoma Assessed Value
$169,810
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 Waucoma, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52171 | $56,658 | $129,275 | $169,810 | $208,775 | $354,276 |
Source: Ownwell
Property Tax Bills Across Waucoma, Iowa
Property tax bills in Waucoma, located in Winneshiek County, IA, are calculated based on the assessed value of a property, which is determined by local assessors. The assessment takes into account various factors such as the property's market value, location, and any improvements or renovations made. Once the assessed value is established, local tax rates are applied to calculate the annual tax bill. In Waucoma, homeowners can expect tax bills that range widely based on their property's assessed value. For instance, properties in the 25th percentile have tax bills around $1,482, while those in the 75th percentile see bills closer to $2,319. The highest median tax bill in the area is $1,762. These figures can significantly impact homeowners' annual budgets, especially when compared to the national median property tax rate of 0.99%. Understanding how these factors influence property tax bills can help homeowners better plan for their financial obligations and potentially explore options for appeals or exemptions.
Average Waucoma Tax Bill
$1,762
Average Winneshiek County Tax Bill
$2,768
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Waucoma, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52171 | $841 | $1,482 | $1,762 | $2,319 | $3,630 |
Source: Ownwell