Aurora, Buchanan County, Iowa Property Taxes
The median property tax rate in Aurora, IA is 1.30%, which is considerably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Aurora at $125,790, the typical annual property tax bill reaches $1,620, falling below the national median of $2,690. Property taxes in Aurora 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 Aurora'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 Aurora 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
Aurora, Buchanan County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.3%
Estimate Property Tax Bill
$1,635
$1,517
Ownwell’s Aurora Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Aurora with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Aurora 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 Aurora, Buchanan County, Iowa
Property taxes in Aurora, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Aurora is 1.30%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Aurora set these rates annually, and they can vary significantly across different neighborhoods. Each year, Aurora 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 Aurora's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50607 zip code has the highest median property tax rate of 1.30%, while the 50607 zip code also has the lowest median tax rate of 1.30%. Understanding how these cities compare with Aurora provides valuable insights into the varying tax landscape across Buchanan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Aurora Tax Rate
1.30%
Average Buchanan County Tax Rate
1.39%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Aurora, Buchanan County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50607 | 1.09% | 1.15% | 1.30% | 1.46% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Aurora, Buchanan County, Iowa
In Aurora, 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 Buchanan 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 Aurora, 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. The highest median tax bill in Aurora is found in zip code 50607, amounting to $1,620. 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 Aurora helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Aurora, Buchanan County, Iowa
Source: Ownwell
$72,350
$156,665
$240,980
Average Aurora Assessed Value
$125,790
Average Buchanan County Assessed Value
$154,105
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Aurora, Buchanan County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50607 | $30,526 | $55,208 | $125,790 | $190,948 | $284,471 |
Source: Ownwell
Property Tax Bills Across Aurora, Buchanan County, Iowa
In Aurora, property tax bills are calculated based on the assessed value of a home, which is determined by the Buchanan County Assessor's Office. The assessed value is a percentage of the property's market value. This value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence this calculation, including property location, size, and improvements made to the home. Homeowners in Aurora can expect varying tax bills depending on their property's assessed value. For instance, the median home price in Aurora is $125,790. At the 25th percentile, homeowners might see tax bills around $792, while those at the 75th percentile could face bills up to $2,648. The 90th percentile tax bill can reach $3,374. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. These tax obligations significantly impact homeowners' budgets, influencing decisions on property investments and homeownership affordability.
Average Aurora Tax Bill
$1,620
Average Buchanan County Tax Bill
$2,162
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Aurora, Buchanan County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50607 | $410 | $792 | $1,620 | $2,648 | $3,374 |
Source: Ownwell