Oran, Iowa Property Taxes
The median property tax rate in Oran, Iowa is 1.10%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $59,830 in Oran, the typical annual property tax bill amounts to $703, falling below the national median of $2,690. Property taxes in Oran are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Navigating Oran's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're situated in the heart of Oran or another part of Fayette County, understanding the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Oran, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$658
Ownwell’s ORAN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ORAN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ORAN 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 Oran, Iowa
Property taxes in Oran, Iowa, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Oran is 1.10%, which is higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Oran set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oran 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 Oran's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50664 has both the highest and lowest median property tax rate of 1.10%. Understanding how these areas compare with Oran 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 Oran Tax Rate
1.10%
Average Fayette County Tax Rate
1.39%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oran, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50664 | 0.92% | 1.00% | 1.10% | 1.13% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Oran, Iowa
In ORAN, 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 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 ORAN, 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 ORAN is found in zip code 50664, amounting to $703. 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 ORAN helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oran Assessed Value
$59,830
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 Oran, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50664 | $14,175 | $36,582 | $59,830 | $97,045 | $131,215 |
Source: Ownwell
Property Tax Bills Across Oran, Iowa
Property tax bills in Oran, Fayette County, IA, are calculated using the assessed value of a property, which is determined by local assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. In Oran, the median home price is $59,830, and the median property tax bill is $703. This is significantly lower than the national median property tax rate of 0.99%. Factors that influence the tax bill include the property's assessed value, the local tax rate, and any applicable exemptions or deductions. For example, homes at the 25th percentile of property tax bills pay around $379, while those at the 75th percentile pay approximately $1,031. Homeowners at the 90th percentile see tax bills around $1,396. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Understanding these factors can help homeowners better anticipate their annual tax obligations.
Average Oran Tax Bill
$703
Average Fayette County Tax Bill
$1,568
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Oran, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50664 | $195 | $379 | $703 | $1,031 | $1,396 |
Source: Ownwell