Ottumwa, Iowa Property Taxes
The median property tax rate in Ottumwa, IA is 1.72%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Ottumwa, the typical annual property tax bill reaches $1,392, exceeding the national median of $2,690. Property taxes in Ottumwa are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. 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, understanding 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
1.72%
Estimate Property Tax Bill
$1,404
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 vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ottumwa is 1.72%, higher than both the Iowa state median and the U.S. 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 both the highest and the lowest median property tax rate of 1.72%. Understanding how these cities compare with Ottumwa provides valuable insights into the varying tax landscape across Wapello County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ottumwa Tax Rate
1.72%
Average Wapello County Tax Rate
1.66%
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 | 1.11% | 1.43% | 1.72% | 1.90% | 1.96% |
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 the Wapello County Appraisal District 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. For example, the median home price in Ottumwa is $81,650, with tax bills ranging from $800 at the 25th percentile to $3,588 at the 90th percentile. The zip code 52501 has the highest median tax bill at $1,392. By understanding 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.
Average Ottumwa Assessed Value
$81,650
Average Wapello County Assessed Value
$83,735
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 | $17,280 | $44,950 | $81,650 | $144,245 | $236,892 |
Source: Ownwell
Property Tax Bills Across Ottumwa, Iowa
In Ottumwa, located in Wapello County, IA, property tax bills are calculated based on the assessed value of your home, which is determined by local assessors. The median home price in Ottumwa is $81,650. Property taxes are influenced by various factors, including the assessed property value, local tax rates, and any applicable exemptions. The tax bill for homeowners in Ottumwa varies significantly, with the 25th percentile at $800 and the 75th percentile reaching $2,274. The highest median tax bill recorded in the area is $1,392, which is notably higher than the national median property tax rate of 0.99%. This variation in tax bills can significantly impact homeowners, affecting their annual budgeting and long-term financial planning. Understanding these factors can help homeowners anticipate their property tax obligations and seek potential exemptions or appeals to manage their expenses better. The tax burden in Ottumwa underscores the importance of staying informed and proactive about property tax assessments.
Average Ottumwa Tax Bill
$1,392
Average Wapello County Tax Bill
$1,372
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 | $352 | $800 | $1,392 | $2,274 | $3,588 |
Source: Ownwell