Traer, Tama County, Iowa Property Taxes
Median Traer, IA effective property tax rate: 1.72%, significantly higher than the national median of 1.02%, but lower than the Iowa state median of 1.54%.
Median Traer, IA home value: $121,320
Median annual Traer, IA tax bill: $1,894, $506 lower than the national median property tax bill of $2,400.
How are property taxes in Tama County calculated?
Property taxes in Traer, IA are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Traer’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Traer, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Traer, Tama County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.72%
Estimate Property Tax Bill
$2,087
$1,936
Property Tax Rates Across Traer, Tama County, Iowa
Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While votes and laws play a role in setting tax rates and budgets, this is the annual process.
In Traer, located in Tama County, Iowa, the effective property tax rate mirrors the median rate for the state at 1.72%. This rate stands significantly above the national median of 1.02%, highlighting the variance in property tax rates across the country. Property owners in Traer face higher tax rates compared to many other regions in the U.S., which can impact their overall property expenses. Understanding these differences is crucial for property owners, as local tax rates can significantly influence the cost of owning property. Comparing Traer's rate to the national average underscores the importance of being informed about local tax obligations, particularly for those considering property ownership in Iowa.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Traer Tax Rate
1.72%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Tama County Tax Rate
1.60%
Median Effective Iowa Tax Rate
1.54%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Traer, Tama County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50675 | 0.93% | 1.26% | 1.72% | 1.97% | 2.18% |
Source: Ownwell
Property Tax Assessment Values Across Traer, Tama County, Iowa
When examining property taxes in Traer, Iowa, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Tama County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Tama County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Traer. For example, the median home price in Traer is $121,320, with tax bills ranging significantly across the county. Zip code 50675 has the highest median home price at $121,320.
Property Tax Assessment Values Across Traer, Tama County, Iowa
Source: Ownwell
$44,260
$138,510
$232,760
Median Traer Market Value
$121,320
Median Tama County Market Value
$107,220
Median Iowa Market Value
$167,100
Median United States Market Value
$235,294
Property Tax Assessment Values Across Traer, Tama County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50675 | $56,162 | $80,580 | $121,320 | $181,500 | $254,290 |
Source: Ownwell
Property Tax Bills Across Traer, Tama County, Iowa
Median Traer Tax Bill
$1,894
Median Tama County Tax Bill
$1,687
Median Iowa Tax Bill
$2,508
Median United States Tax Bill
$2,400
Property Tax Bills Across Traer, Tama County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50675 | $900 | $1,362 | $1,894 | $2,610 | $3,789 |
Source: Ownwell