Oakland, Iowa Property Taxes
The median property tax rate in Oakland, IA is 1.47%, notably higher than the national median of 0.99% but slightly below Iowa's state median of 1.54%. With the median home value in Oakland at $156,450, the typical annual property tax bill amounts to $2,312, which is below the national median of $2,690. Property taxes in Oakland are calculated based on the assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Oakland'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 Oakland 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
Oakland, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.47%
Estimate Property Tax Bill
$2,300
Ownwell's Oakland Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Oakland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakland to provide an estimated property tax bill. This valuable tool helps you understand potential tax liabilities and plan accordingly. If you're interested in exploring trends at the neighborhood level, scroll down for more localized information. Your property’s assessed value is determined by the county for property tax calculations and accounts for any applicable exemptions.
Property Tax Rates Across Oakland, Iowa
Property taxes in Oakland, Iowa, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakland is 1.47%, which is significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Oakland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakland 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 Oakland's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51560 zip code has the highest median property tax rate of 1.47%, while the 51560 zip code also has the lowest median tax rate of 1.47%. Understanding how these cities compare with Oakland provides valuable insights into the varying tax landscape across Pottawattamie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakland Tax Rate
1.47%
Average Pottawattamie County Tax Rate
1.73%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakland, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51560 | 1.20% | 1.35% | 1.47% | 1.57% | 1.66% |
Source: Ownwell
Property Tax Assessment Values Across Oakland, Iowa
In Oakland, 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 Pottawattamie 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 Oakland, 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 Oakland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 51560, with a value of $2,312.
Average Oakland Assessed Value
$156,450
Average Pottawattamie County Assessed Value
$173,400
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oakland, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51560 | $79,030 | $119,375 | $156,450 | $209,700 | $288,290 |
Source: Ownwell
Property Tax Bills Across Oakland, Iowa
In Oakland, Pottawattamie County, IA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Oakland is $156,450. The assessed value is multiplied by the property tax rate to determine the annual tax bill. Homeowners in Oakland can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $1,677 and the 75th percentile reaching $2,970. For those at the 90th percentile, the tax bill can be as high as $4,002. These tax bills are influenced by several factors, including property size, location, and improvements made to the home. Compared to the national median property tax rate of 0.99%, Oakland’s property tax rates can result in substantial variations in tax bills. These taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, making them a crucial aspect of homeownership in the area.
Average Oakland Tax Bill
$2,312
Average Pottawattamie County Tax Bill
$2,932
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakland, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51560 | $1,172 | $1,677 | $2,312 | $2,970 | $4,002 |
Source: Ownwell