Osceola, Iowa Property Taxes
The median property tax rate in Osceola, IA is 1.93%, considerably 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 $123,155, the typical annual property tax bill reaches $2,326, slightly 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 like the primary residence and agricultural exemptions. 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
1.93%
Estimate Property Tax Bill
$2,377
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, play a crucial role in supporting essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Osceola is 1.93%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Osceola set these rates annually, and they can vary 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 areas in Iowa and the national median. For comparison, the zip code 50213 has the highest median property tax rate of 1.93%, while the lowest median tax rate is also 1.93%. Understanding how these areas 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
1.93%
Average Clarke County Tax Rate
1.89%
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 | 1.56% | 1.74% | 1.93% | 2.12% | 2.29% |
Source: Ownwell
Property Tax Assessment Values Across Osceola, Iowa
In Osceola, 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 Clarke 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 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 and lowest median tax bills in the area are both $2,326, found in the 50213 zip code.
Average Osceola Assessed Value
$123,155
Average Clarke County Assessed Value
$115,600
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 | $48,471 | $80,128 | $123,155 | $183,492 | $265,672 |
Source: Ownwell
Property Tax Bills Across Osceola, Iowa
In Osceola, located in Clarke County, IA, property tax bills are determined based on the assessed value of a property and the applicable tax rate. The assessed value is an estimate of the property's market value, which is periodically evaluated by local assessors. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Osceola experience varying tax bills, with the 25th percentile at $1,556 and the 75th percentile reaching $3,488. For those at the 90th percentile, the tax bill can be as high as $4,958. Compared to the national median property tax rate of 0.99%, Osceola's rates reflect the local economic conditions and funding requirements for public services. These taxes directly impact homeowners by contributing to essential services like education, infrastructure, and emergency services, thereby influencing community well-being and property values.
Average Osceola Tax Bill
$2,326
Average Clarke County Tax Bill
$2,187
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 | $934 | $1,556 | $2,326 | $3,488 | $4,958 |
Source: Ownwell