Riverside, Iowa Property Taxes
The median property tax rate in Riverside, Iowa is 1.13%, which is considerably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $297,550 in Riverside, the typical annual property tax bill reaches $3,398, surpassing the national median of $2,690. Property taxes in Riverside 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 Riverside'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 Riverside 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
Riverside, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$3,362
Ownwell’s Riverside Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Riverside with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Riverside 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 Riverside, Iowa
Property taxes in Riverside, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Riverside is 1.13%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Riverside set these rates annually, and they can vary significantly across different neighborhoods. Each year, Riverside 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 Riverside's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52327 zip code has the highest median property tax rate of 1.13%, while the same zip code also has the lowest median tax rate of 1.13%. Understanding how these cities compare with Riverside provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Riverside Tax Rate
1.13%
Average Johnson County Tax Rate
1.71%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Riverside, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52327 | 0.98% | 1.05% | 1.13% | 1.25% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Riverside, Iowa
In Riverside, 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 Johnson 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 Riverside, 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 Riverside helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Riverside is $3,398 in the 52327 zip code, which is the same for the lowest median tax bill.
Average Riverside Assessed Value
$297,550
Average Johnson County Assessed Value
$229,790
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Riverside, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52327 | $110,870 | $210,600 | $297,550 | $391,250 | $503,950 |
Source: Ownwell
Property Tax Bills Across Riverside, Iowa
In Riverside, IA, property tax bills are calculated based on the assessed value of your home, which is determined by local tax assessors. The assessed value is then multiplied by the local property tax rate to arrive at your annual tax bill. For instance, with a median home price of $297,550 in Riverside, homeowners can expect varying tax bills depending on the assessed value and applicable exemptions. Factors such as the property's location within Johnson County, improvements made to the home, and any applicable exemptions or deductions play a significant role in determining the final tax amount. For example, the 25th percentile of tax bills is around $2,470, while the 75th percentile reaches up to $4,482. At the higher end, the 90th percentile tax bill can be as much as $5,778. Understanding these factors is crucial for homeowners, as property taxes can significantly impact annual expenses. Comparatively, Riverside's property tax rates and bills may differ from the national median property tax rate of 0.99%, reflecting local economic conditions and public service needs.
Average Riverside Tax Bill
$3,398
Average Johnson County Tax Bill
$3,786
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Riverside, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52327 | $1,594 | $2,470 | $3,398 | $4,482 | $5,778 |
Source: Ownwell