Ottumwa, Iowa Property Taxes
The median property tax rate in Ottumwa, IA is 1.14%, which is higher than the national median of 0.99% but lower than Iowa's state median of 1.54%. With a median home value of $113,010 in Ottumwa, the typical annual property tax bill reaches $1,450, falling below the national median of $2,690. Property taxes in Ottumwa are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Ottumwa'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 Ottumwa or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ottumwa, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$1,288
Ownwell’s Ottumwa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ottumwa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ottumwa 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 Ottumwa, Iowa
Property taxes in Ottumwa, Iowa, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Ottumwa is 1.14%, which is higher than the national median of 0.99%. Local government entities within Ottumwa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ottumwa 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 Ottumwa's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52501 zip code has the highest median property tax rate of 1.14%, while the same 52501 zip code also has the lowest median tax rate of 1.14%. Understanding how these cities compare with Ottumwa provides valuable insights into the varying tax landscape across Mahaska County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ottumwa Tax Rate
1.14%
Average Mahaska County Tax Rate
1.54%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ottumwa, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52501 | 1.07% | 1.07% | 1.14% | 1.31% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Ottumwa, Iowa
In Ottumwa, 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 local authorities 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 Ottumwa, 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 Ottumwa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 52501, with a median tax bill of $1,450.
Average Ottumwa Assessed Value
$113,010
Average Mahaska County Assessed Value
$125,860
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ottumwa, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52501 | $90,706 | $91,300 | $113,010 | $139,315 | $148,180 |
Source: Ownwell
Property Tax Bills Across Ottumwa, Iowa
In Ottumwa, property tax bills are determined by the assessed value of your home and the local tax rate. The city's assessed value is based on the market value of the property, which is periodically evaluated by local assessors. For instance, with a median home price of $113,010, the property tax bill can vary significantly. Homeowners at the 25th percentile can expect to pay around $1,314, while those at the 75th percentile might see bills closer to $1,572. The 90th percentile tax bill reaches up to $1,752. These figures illustrate how property taxes can fluctuate based on property values and assessment practices. Compared to the national median property tax rate of 0.99%, Ottumwa's property tax rates can be seen as relatively moderate, yet they still represent a significant expense for homeowners. Understanding how these bills are calculated helps homeowners budget effectively and anticipate annual costs. The highest and lowest median tax bills in Ottumwa are both recorded at $1,450 within the 52501 zip code, reflecting a consistent tax environment across the area.
Average Ottumwa Tax Bill
$1,450
Average Mahaska County Tax Bill
$1,886
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Ottumwa, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52501 | $1,107 | $1,314 | $1,450 | $1,572 | $1,752 |
Source: Ownwell