Orchard, Iowa Property Taxes
The median property tax rate in Orchard, IA is 1.13%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $296,860 in Orchard, the typical annual property tax bill amounts to $3,238, surpassing the national median of $2,690. Property taxes in Orchard are calculated based on the assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Orchard'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 Orchard 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
Orchard, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$3,355
Ownwell’s Orchard Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Orchard with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Orchard 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 Orchard, Iowa
Property taxes in Orchard, Iowa, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Orchard is 1.13%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Orchard set these rates annually, and they can vary significantly across different neighborhoods. Each year, Orchard 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 Orchard's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50460 zip code has the highest median property tax rate of 1.13%, while the same zip code also has the lowest median tax rate of 1.13%. Understanding how these cities compare with Orchard provides valuable insights into the varying tax landscape across Floyd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Orchard Tax Rate
1.13%
Average Floyd County Tax Rate
1.40%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Orchard, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50460 | 0.95% | 1.02% | 1.13% | 1.25% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Orchard, Iowa
In Orchard, 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 Floyd County Assessor 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 Orchard, 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. For instance, the median home price in Orchard is $296,860, with the 25th percentile tax bill at $2,648 and the 75th percentile tax bill at $5,104. 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 Orchard helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Orchard Assessed Value
$296,860
Average Floyd County Assessed Value
$118,220
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Orchard, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50460 | $133,878 | $217,825 | $296,860 | $375,080 | $489,304 |
Source: Ownwell
Property Tax Bills Across Orchard, Iowa
In Orchard, Floyd County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. For example, with a median home price of $296,860, homeowners can expect varying tax bills. Factors such as property size, location, and market conditions are crucial in determining the assessed value. Tax bills in Orchard range significantly, with the 25th percentile at $2,648 and the 75th percentile at $5,104. At the higher end, the 90th percentile tax bill reaches $5,858. These property taxes fund essential local services like schools, public safety, and infrastructure, directly impacting homeowners by supporting community development and maintenance. While the national median property tax rate is 0.99%, the specific rate in Orchard can result in higher or lower tax obligations, influencing overall affordability and cost of living for residents.
Average Orchard Tax Bill
$3,238
Average Floyd County Tax Bill
$1,659
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Orchard, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50460 | $1,500 | $2,648 | $3,238 | $5,104 | $5,858 |
Source: Ownwell