Mason City, Iowa Property Taxes
The median property tax rate in Mason City, IA is 0.78%, significantly lower than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Mason City at $252,330, the typical annual property tax bill is $1,722, which is well below the national median of $2,690. Property taxes in Mason City are calculated based on the tax assessed value, which generally falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Mason City'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 Mason City or another part of the region, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mason City, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$1,968
Ownwell’s Mason City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mason City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mason City 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 Mason City, Iowa
Property taxes in Mason City, IA, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mason City is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Mason City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mason City 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 Mason City's effective property tax rate to other areas in Worth County and the national median. For comparison, the 50401 zip code has the highest median property tax rate of 0.78%, while the same zip code also has the lowest median tax rate of 0.78%. Understanding how these cities compare with Mason City provides valuable insights into the varying tax landscape across Worth County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mason City Tax Rate
0.78%
Average Worth County Tax Rate
1.17%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mason City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50401 | 0.59% | 0.66% | 0.78% | 0.86% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Mason City, Iowa
In Mason City, 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 Worth 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 Mason City, 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 Mason City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Mason City is $252,330, with the highest and lowest median tax bills both at $1,722 in the 50401 zip code.
Average Mason City Assessed Value
$252,330
Average Worth County Assessed Value
$133,156
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mason City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50401 | $207,939 | $235,577 | $252,330 | $274,186 | $311,006 |
Source: Ownwell
Property Tax Bills Across Mason City, Iowa
In Mason City, located in Worth County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is influenced by various factors, including the property's market value, improvements made to the property, and comparable property sales in the area. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. For homeowners in Mason City, the median home price is $252,330. Property taxes can vary significantly, with tax bills at the 25th percentile being around $1,606, while those at the 75th percentile are approximately $2,034. At the 90th percentile, tax bills can reach up to $2,533. The highest median tax bill in the area is reported to be $1,722. These property taxes fund essential public services such as schools, infrastructure, and public safety, directly impacting the quality of life for residents. Understanding how property taxes are calculated can help homeowners budget more effectively and anticipate future expenses.
Average Mason City Tax Bill
$1,722
Average Worth County Tax Bill
$1,502
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Mason City, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50401 | $1,460 | $1,606 | $1,722 | $2,034 | $2,533 |
Source: Ownwell