Orchard, Iowa Property Taxes
The median property tax rate in Orchard, IA is 1.12%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Orchard at $168,930, the typical annual property tax bill reaches $1,818, which is less than the national median of $2,690. Property taxes in Orchard are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the 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 Mitchell County, 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
1.12%
Estimate Property Tax Bill
$1,892
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 critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Orchard is 1.12%, 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 1.12%, while the same 50460 zip code has the lowest median tax rate of 1.12%. Understanding how these cities compare with Orchard provides valuable insights into the varying tax landscape across Mitchell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Orchard Tax Rate
1.12%
Average Mitchell County Tax Rate
1.25%
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% | 1.05% | 1.12% | 1.25% | 1.38% |
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 Mitchell 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The median home price in Orchard is $168,930, with tax bills ranging from $746 at the 25th percentile to $5,559 at the 90th percentile. The zip code 50460 has the highest and lowest median tax bill at $1,818. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Orchard Assessed Value
$168,930
Average Mitchell County Assessed Value
$146,070
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 | $29,412 | $66,350 | $168,930 | $284,705 | $480,038 |
Source: Ownwell
Property Tax Bills Across Orchard, Iowa
In Orchard, located in Mitchell County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $168,930 and a local tax rate close to the national median of 0.99%, homeowners can expect varying tax bills. Factors such as property size, location, and improvements play a significant role in determining the assessed value. Homeowners in Orchard experience a wide range of tax bills. At the 25th percentile, the tax bill is $746, while at the 75th percentile, it rises to $3,264. For those at the 90th percentile, the tax bill can reach up to $5,559. This variation affects homeowners differently, with some benefiting from lower taxes and others shouldering a higher financial burden. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan accordingly.
Average Orchard Tax Bill
$1,818
Average Mitchell County Tax Bill
$1,776
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 | $283 | $746 | $1,818 | $3,264 | $5,559 |
Source: Ownwell