Olds, Iowa Property Taxes
The median property tax rate in OLDS, IA is 1.40%, which is notably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in OLDS, the typical annual property tax bill amounts to $1,410, falling below the national median of $2,690. Property taxes in OLDS are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Gaining a thorough understanding of OLDS'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 OLDS 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
Olds, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$1,465
Ownwell’s OLDS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in OLDS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in OLDS 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 Henry County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Olds, Iowa
Property taxes in OLDS, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in OLDS is 1.40%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within OLDS set these rates annually, and they can vary significantly across different neighborhoods. Each year, OLDS 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 OLDS's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52647 zip code has the highest median property tax rate of 1.40%, while the 52647 zip code has the lowest median tax rate of 1.40%. Understanding how these cities compare with OLDS provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Olds Tax Rate
1.40%
Average Henry County Tax Rate
1.59%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Olds, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52647 | 1.22% | 1.34% | 1.40% | 1.51% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Olds, Iowa
In OLDS, 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 Henry 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 OLDS, 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. The zip code with the highest median tax bill is 52647, with a median tax bill of $1,410. Being aware of these valuation processes in OLDS helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Olds Assessed Value
$104,625
Average Henry County Assessed Value
$136,180
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Olds, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52647 | $14,869 | $59,668 | $104,625 | $137,842 | $168,298 |
Source: Ownwell
Property Tax Bills Across Olds, Iowa
In OLDS, located in Henry County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. The median home price in OLDS is $104,625, and the local tax rate is applied to this value to generate the tax bill. Homeowners in the 25th percentile can expect to pay around $792 annually, while those in the 75th percentile face bills closer to $2,000. For those in the 90th percentile, the tax bill can be as high as $2,426. These figures indicate that property taxes in OLDS can vary significantly based on the home's assessed value and the local tax rate. Comparatively, the national median property tax rate is 0.99%, highlighting that OLDS’s property tax rates can be more predictable but still impactful on household finances. Understanding these factors helps homeowners better anticipate their annual expenses.
Average Olds Tax Bill
$1,410
Average Henry County Tax Bill
$2,175
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Olds, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52647 | $263 | $792 | $1,410 | $2,000 | $2,426 |
Source: Ownwell