Aurora, Fayette County, Iowa Property Taxes
The median property tax rate in Aurora, IA is 1.06%, slightly higher than the national median of 0.99% but lower than Iowa's state median of 1.54%. With a median home value of $220,300 in Aurora, the typical annual property tax bill amounts to $2,280, which is below the national median of $2,690. Property taxes in Aurora are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. 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, Fayette County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$2,335
$2,167
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, Fayette County, Iowa
Property taxes in Aurora, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Aurora is 1.06%, higher than 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 areas in Iowa and the national median. For comparison, the ZIP code 50607 has both the highest and lowest median property tax rate of 1.06%. Understanding how these cities compare with Aurora provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Aurora Tax Rate
1.06%
Average Fayette County Tax Rate
1.39%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Aurora, Fayette County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50607 | 0.89% | 0.95% | 1.06% | 1.21% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Aurora, Fayette 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 Fayette 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 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, in Aurora, the highest median tax bill is $2280.00 in zip code 50607, which is also the lowest median tax bill. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Aurora, Fayette County, Iowa
Source: Ownwell
$59,830
$192,195
$324,560
Average Aurora Assessed Value
$220,300
Average Fayette County Assessed Value
$118,020
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Aurora, Fayette County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50607 | $118,236 | $160,205 | $220,300 | $423,570 | $595,252 |
Source: Ownwell
Property Tax Bills Across Aurora, Fayette County, Iowa
In Aurora, Iowa, property tax bills are calculated based on the assessed value of the property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $220,300, homeowners can expect varying tax bills. The tax bill for the 25th percentile is around $1,483, while the 75th percentile sees bills closer to $4,684. At the higher end, the 90th percentile tax bill can reach up to $6,889. Several factors influence these tax bills, including the property's location, size, and any applicable exemptions. It's important to note that the highest and lowest median tax bills in Aurora are both $2,280, which is relatively higher than the national median property tax rate of 0.99%. These tax obligations can significantly impact homeowners, affecting their monthly budgets and overall financial planning. Understanding these factors helps homeowners anticipate and manage their property tax responsibilities effectively.
Average Aurora Tax Bill
$2,280
Average Fayette County Tax Bill
$1,568
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Aurora, Fayette County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50607 | $1,240 | $1,483 | $2,280 | $4,684 | $6,889 |
Source: Ownwell