Ottumwa, Iowa Property Taxes
The median property tax rate in Ottumwa, IA, is 1.64%, significantly higher than both the national median of 0.99% and the Iowa state median of 1.54%. With a median home value of $99,300 in Ottumwa, the typical annual property tax bill amounts to $1,628, which is below the national median of $2,690. Property taxes in Ottumwa are calculated based on the assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. By understanding Ottumwa's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve substantial annual savings. Whether you're in the heart of Ottumwa or another part of the city, comprehending the local property tax structure will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ottumwa, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,624
Ownwell’s Ottumwa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ottumwa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ottumwa 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 Ottumwa, Iowa
Property taxes in Ottumwa, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ottumwa is 1.37%, higher than both the Iowa state median of 1.50% and the U.S. national median of 0.99%. Local government entities within Ottumwa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ottumwa 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 Ottumwa's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52501 zip code has the highest median property tax rate of 1.37%, while the same zip code also has the lowest median tax rate of 1.37%. Understanding how these cities compare with Ottumwa provides valuable insights into the varying tax landscape across Wapello County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ottumwa Tax Rate
0.99%
Average Keokuk County Tax Rate
1.25%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ottumwa, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52501 | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Ottumwa, Iowa
In Ottumwa, 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 local 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 Ottumwa, 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 Ottumwa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Ottumwa is $164,030, with the highest and lowest median tax bills both being $1,632 in the 52501 zip code.
Average Ottumwa Assessed Value
$164,030
Average Keokuk County Assessed Value
$102,671
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ottumwa, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52501 | $164,030 | $164,030 | $164,030 | $164,030 | $164,030 |
Source: Ownwell
Property Tax Bills Across Ottumwa, Iowa
Property tax bills in Ottumwa, located in Keokuk County, IA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. In Ottumwa, homeowners typically see a consistent tax bill, with the 25th, 75th, and 90th percentiles all reporting a tax bill of $1,632. This is notably higher than the national median property tax rate of 0.99%. Several factors influence the assessed value, including the property's location, size, and condition. For homeowners, this means that maintaining or improving their property can affect their tax bills. The property tax bill is essential for funding local services such as schools, roads, and emergency services, directly impacting the community's quality of life. While the tax rate in Ottumwa might seem steep compared to the national average, it ensures the community remains well-supported and sustainable.
Average Ottumwa Tax Bill
$1,632
Average Keokuk County Tax Bill
$1,284
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Ottumwa, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52501 | $1,632 | $1,632 | $1,632 | $1,632 | $1,632 |
Source: Ownwell