Russell, Wayne County, Iowa Property Taxes
Median Russell, IA effective property tax rate: 1.40%, significantly higher than the national median of 1.02%, but lower than the Iowa state median of 1.54%. Median Russell, IA home value: $119,300. Median annual Russell, IA tax bill: $1,694, $706 lower than the national median property tax bill of $2,400.
How are property taxes in Wayne calculated?
Property taxes in Russell, 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 Russell’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Russell, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Russell, Wayne County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.4%
Estimate Property Tax Bill
$1,670
$1,550
Ownwell’s Russell Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Russell with just two data points.
By entering your property's estimated assessed value, our calculator applies Russell’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations.
This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Wayne County.
For those interested in more localized information, please scroll down to explore city-level trends!
Property Tax Rates Across Russell, Wayne County, Iowa
Local government entities set property tax rates, which can vary significantly within a state. Each county, like 19185, estimates its annual budget needs to provide essential services and divides this by the total assessed value of all taxable properties within its jurisdiction. This process determines the property tax rate. While votes and legislative measures play a role in setting these rates and budgets, this is the core of the annual procedure.
In Russell, located in county 19185, the effective property tax rate is a reflection of this process. The median property tax rate in Iowa is 1.40%, which is notably higher than the national median of 1.02%. This comparison highlights that property owners in Russell are subject to higher tax rates than the national average. Understanding these dynamics can help property owners anticipate their tax obligations and explore potential appeal or exemption opportunities. By staying informed, property owners can make more strategic decisions regarding their property investments and financial planning.
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 Russell Tax Rate
1.40%
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 Wayne County Tax Rate
1.58%
Median Effective Iowa Tax Rate
1.54%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Russell, Wayne County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50238 | 1.25% | 1.31% | 1.40% | 1.46% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Russell, Wayne County, Iowa
When examining property taxes in Russell, 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 Wayne County Assessor 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 Wayne County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 Russell.
For example, the median home price in Russell is $119,300, with tax bills ranging significantly across the county. Zip code 50238 has the highest median home price at $119,300.
Property Tax Assessment Values Across Russell, Wayne County, Iowa
Source: Ownwell
$26,690
$72,995
$119,300
Median Russell Market Value
$119,300
Median Wayne County Market Value
$80,110
Median Iowa Market Value
$167,100
Median United States Market Value
$235,294
Property Tax Assessment Values Across Russell, Wayne County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50238 | $34,534 | $79,505 | $119,300 | $159,235 | $192,820 |
Source: Ownwell
Property Tax Bills Across Russell, Wayne County, Iowa
Median Russell Tax Bill
$1,694
Median Wayne County Tax Bill
$1,272
Median Iowa Tax Bill
$2,508
Median United States Tax Bill
$2,400
Property Tax Bills Across Russell, Wayne County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50238 | $512 | $1,107 | $1,694 | $2,212 | $2,739 |
Source: Ownwell