Ocheyedan, Iowa Property Taxes
The median property tax rate in Ocheyedan, IA is 1.05%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Ocheyedan at $96,820, the typical annual property tax bill reaches $1,002, which is below the national median of $2,690. Property taxes in Ocheyedan are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ocheyedan'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 Ocheyedan or another part of Osceola County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ocheyedan, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$1,017
Ownwell’s Ocheyedan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ocheyedan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ocheyedan 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 Ocheyedan, Iowa
Property taxes in Ocheyedan, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ocheyedan is 1.05%, which is higher than the U.S. national median of 0.99%. Local government entities within Ocheyedan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ocheyedan 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 Ocheyedan's effective property tax rate to other areas in Iowa and the national median. For comparison, the 51354 zip code has the highest median property tax rate of 1.05%, while the same zip code also has the lowest median tax rate of 1.05%. Understanding how these cities compare with Ocheyedan provides valuable insights into the varying tax landscape across Osceola County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ocheyedan Tax Rate
1.05%
Average Osceola County Tax Rate
1.21%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ocheyedan, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51354 | 0.73% | 0.87% | 1.05% | 1.29% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Ocheyedan, Iowa
In Ocheyedan, 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 Osceola 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 Ocheyedan, 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 Ocheyedan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Ocheyedan are both $1002, found in the 51354 zip code.
Average Ocheyedan Assessed Value
$96,820
Average Osceola County Assessed Value
$99,340
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ocheyedan, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51354 | $20,046 | $50,790 | $96,820 | $154,600 | $233,708 |
Source: Ownwell
Property Tax Bills Across Ocheyedan, Iowa
In Ocheyedan, located in Osceola County, IA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate various factors such as the property's size, age, location, and condition. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Ocheyedan, the property tax bill can vary significantly. At the 25th percentile, the tax bill is around $514, while at the 75th percentile, it reaches approximately $1,579. For those in the 90th percentile, the tax bill can be as high as $2,283. Comparatively, the national median property tax rate stands at 0.99%, making Ocheyedan's property tax rates relatively moderate. These property taxes fund essential community services such as public schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Therefore, understanding how property tax bills are calculated helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Ocheyedan Tax Bill
$1,002
Average Osceola County Tax Bill
$1,157
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Ocheyedan, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51354 | $247 | $514 | $1,002 | $1,579 | $2,283 |
Source: Ownwell