Thompson, Winnebago County, Iowa Property Taxes

Name: Property Tax Bills Across Thompson, Winnebago County, Iowa
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median THOMPSON, IA effective property tax rate: 1.60%, significantly higher than the national median of 1.02%, but lower than the Iowa state median of 1.54%.
Median THOMPSON, IA home value: $70,380
Median annual THOMPSON, IA tax bill: $1,101, $1,299 lower than the national median property tax bill of $2,400.

How are property taxes in Winnebago calculated?

Property taxes in THOMPSON, 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 THOMPSON’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in THOMPSON, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Thompson, Winnebago County, Iowa Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.6%

Estimate Property Tax Bill

$1,126

$1,045

Ownwell’s Thompson Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Thompson with just two data points. By entering your property's estimated assessed value, our calculator applies Thompson’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 Winnebago County. The median property tax bill in Thompson is significantly lower than the national median, which can be advantageous for property owners in the area. Understanding these local tax trends can aid in making informed real estate decisions and optimizing your financial planning.

For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Thompson, Winnebago County, Iowa

Local government entities determine tax rates, which can vary significantly within a state. This variation occurs because each county annually estimates its budget to provide essential services and divides that by the total assessed value of all taxable property in its jurisdiction. The result of this calculation is the property tax rate. Although votes and laws play a role in setting tax rates and budgets, this is the essence of the annual process.

For example, the effective property tax rate in Thompson, located in Winnebago County, Iowa, can be compared to other cities in the state and to the median property tax rates in Iowa and across the U.S. Iowa's median property tax rate stands at 1.60%, which is notably higher than the national median of 1.02%. This places Iowa among the higher property tax states in the country. Understanding these differences can help property owners in Thompson and beyond make informed decisions about their property investments and tax obligations.

Property Tax Rates Across Thompson, Winnebago County, Iowa

Source: Ownwell

0.99%

1.30%

1.62%

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 Thompson Tax Rate

1.60%

Median Effective Winnebago County Tax Rate

1.42%

Median Effective Iowa Tax Rate

1.54%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Thompson, Winnebago County, Iowa

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
50478	0.90%	1.17%	1.60%	1.81%	2.00%

Source: Ownwell

Property Tax Assessment Values Across Thompson, Winnebago County, Iowa

When examining property taxes in Thompson, 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 Winnebago 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 Winnebago 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 Thompson.

For example, the median home price in Thompson is $70,380, with tax bills ranging significantly across the county. Zip code 50478 has the highest median home price at $70,380.

Property Tax Assessment Values Across Thompson, Winnebago County, Iowa

Source: Ownwell

$37,100

$139,870

$242,640

Median Thompson Market Value

$70,380

Median Winnebago County Market Value

$124,390

Median Iowa Market Value

$167,100

Median United States Market Value

$235,294

Property Tax Assessment Values Across Thompson, Winnebago County, Iowa

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
50478	$21,542	$42,480	$70,380	$125,964	$200,258

Source: Ownwell

Property Tax Bills Across Thompson, Winnebago County, Iowa

In Thompson, located in Winnebago County, IA, property tax bills are primarily determined by the assessed value of a home and the local tax rate. The median home price in Thompson is $70,380, and the property tax rate is applied to this assessed value to calculate the annual tax bill. Homeowners in Thompson typically see tax bills ranging from $583 at the 25th percentile to $2,707 at the 90th percentile, with the median tax bill being $1,101. This median tax bill is below the national median of $2,400, making Thompson an appealing location for those seeking lower property taxes. However, homeowners can still find these costs burdensome. This is where Ownwell comes in, offering services to appeal property tax assessments and apply for exemptions, potentially reducing the tax burden. By leveraging expertise in local property tax laws, Ownwell assists homeowners in navigating the complexities of tax appeals, ensuring they pay only what is fair and potentially saving significant amounts on their property tax bills.

Property Tax Bills Across Thompson, Winnebago County, Iowa

Source: Ownwell

$436

$1,375

$2,314

Median Thompson Tax Bill

$1,101

Median Winnebago County Tax Bill

$1,770

Median Iowa Tax Bill

$2,508

Median United States Tax Bill

$2,400

Property Tax Bills Across Thompson, Winnebago County, Iowa

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
50478	$312	$583	$1,101	$1,813	$2,707

Source: Ownwell