Onawa, Iowa Property Taxes
The median property tax rate in Onawa, IA is 1.48%, which is higher than the national median of 0.99% but slightly lower than the Iowa state median of 1.54%. With a median home value of $102,031 in Onawa, the typical annual property tax bill amounts to $1,426, falling below the national median of $2,690. Property taxes in Onawa are based on the assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Onawa'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 Onawa 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
Onawa, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.48%
Estimate Property Tax Bill
$1,510
Ownwell’s Onawa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Onawa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Onawa 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 Onawa, Iowa
Property taxes in Onawa, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Onawa is 1.48%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Onawa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Onawa 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 Onawa's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51040 zip code has the highest median property tax rate of 1.48%, while the lowest median tax rate is also 1.48%. Understanding how these cities compare with Onawa provides valuable insights into the varying tax landscape across Monona County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Onawa Tax Rate
1.48%
Average Monona County Tax Rate
1.30%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Onawa, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51040 | 1.08% | 1.29% | 1.48% | 1.61% | 1.67% |
Source: Ownwell
Property Tax Assessment Values Across Onawa, Iowa
In Onawa, 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 Monona 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 Onawa, 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 Onawa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Onawa is 51040, with a median tax bill of $1435.
Average Onawa Assessed Value
$102,031
Average Monona County Assessed Value
$94,166
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Onawa, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51040 | $20,352 | $49,947 | $103,012 | $162,687 | $257,523 |
Source: Ownwell
Property Tax Bills Across Onawa, Iowa
In Onawa, located in Monona 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 Onawa is $102,031. Homeowners can expect their tax bills to vary significantly, with the 25th percentile at $670 and the 75th percentile reaching $2,258. The 90th percentile tax bill can be as high as $3,484. These figures indicate a broad range of tax liabilities, influenced by factors such as property size, location, and improvements. The highest median tax bill recorded in Onawa is $1,435, which is notably higher than the national median property tax rate of 0.99%. This variability in property tax bills can significantly impact homeowners, affecting their financial planning and overall cost of homeownership. Understanding these factors is crucial for homeowners to anticipate their tax obligations and manage their finances effectively.
Average Onawa Tax Bill
$1,426
Average Monona County Tax Bill
$1,186
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Onawa, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51040 | $250 | $682 | $1,435 | $2,270 | $3,484 |
Source: Ownwell