Osceola, Iowa Property Taxes
The median property tax rate in Osceola, IA is 1.35%, higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Osceola at $60,000, the typical annual property tax bill reaches $1,559, which is below the national median of $2,690. Property taxes in Osceola are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Osceola'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 Osceola 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
Osceola, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$810
Ownwell’s Osceola Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Osceola with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Osceola 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 Osceola, Iowa
Property taxes in Osceola, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Osceola is 1.35%, significantly higher than the U.S. national median of 0.99%. Local government entities within Osceola set these rates annually, and they can vary significantly across different neighborhoods. Each year, Osceola 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 Osceola's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50213 has the highest median property tax rate of 1.35%, while the same zip code also has the lowest median tax rate of 1.35%. Understanding how these cities compare with Osceola provides valuable insights into the varying tax landscape across Clarke County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Osceola Tax Rate
1.35%
Average Warren County Tax Rate
1.57%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Osceola, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50213 | 1.15% | 1.17% | 1.35% | 1.58% | 1.66% |
Source: Ownwell
Property Tax Assessment Values Across Osceola, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Osceola, Iowa. 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 local 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 Osceola, 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 Osceola helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,559 in zip code 50213, while the lowest median tax bill is also $1,559 in the same zip code.
Average Osceola Assessed Value
$60,000
Average Warren County Assessed Value
$233,350
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Osceola, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50213 | $5,920 | $14,800 | $60,000 | $192,200 | $245,000 |
Source: Ownwell
Property Tax Bills Across Osceola, Iowa
In Osceola, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $60,000, homeowners can expect varying tax bills depending on specific factors such as property location and exemptions. The tax bill for the 25th percentile is around $754, while the 75th percentile sees tax bills of approximately $2,472. At the higher end, the 90th percentile tax bill can reach up to $2,965. These figures illustrate the range of property taxes that homeowners in Osceola might encounter. Compared to the national median property tax rate of 0.99%, Osceola's property taxes can be relatively high, particularly for homes in the upper percentiles. This variability in tax bills underscores the importance of understanding how local assessments and tax rates impact overall property tax obligations for homeowners.
Average Osceola Tax Bill
$1,559
Average Warren County Tax Bill
$3,534
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Osceola, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50213 | $454 | $754 | $1,559 | $2,472 | $2,965 |
Source: Ownwell