Oakville, Iowa Property Taxes
The median property tax rate in Oakville, IA is 1.36%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Oakville at $59,040, the typical annual property tax bill amounts to $834, which is below the national median of $2,690. Property taxes in Oakville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. By understanding Oakville's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you're in the heart of Oakville or another part of Louisa County, gaining insight into the local property tax system can be highly beneficial.
Last Updated June 14, 2024
Oakville, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.36%
Estimate Property Tax Bill
$803
Ownwell’s Oakville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oakville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakville 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 Oakville, Iowa
Property taxes in Oakville, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakville is 1.36%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Oakville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakville 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 Oakville's effective property tax rate to other areas in Iowa and the national median. For comparison, the 52646 zip code has the highest median property tax rate of 1.36%, while the same zip code also has the lowest median tax rate of 1.36%. Understanding how these cities compare with Oakville provides valuable insights into the varying tax landscape across Louisa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakville Tax Rate
1.36%
Average Louisa County Tax Rate
1.21%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52646 | 0.92% | 1.18% | 1.36% | 1.67% | 2.21% |
Source: Ownwell
Property Tax Assessment Values Across Oakville, Iowa
In Oakville, 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 Louisa 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 Oakville, 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 Oakville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 52646, with a tax bill of $834, while the lowest median tax bill also falls in the same zip code at $834.
Average Oakville Assessed Value
$59,040
Average Louisa County Assessed Value
$108,425
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oakville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52646 | $1,298 | $6,570 | $59,040 | $97,360 | $177,500 |
Source: Ownwell
Property Tax Bills Across Oakville, Iowa
In Oakville, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is then multiplied by the local tax rate, which varies depending on the specific location within Louisa County. Factors such as the home's market value, location, and any applicable exemptions play a crucial role in determining the final tax bill. For instance, in Oakville, the median home price is $59,040. Homeowners in the 25th percentile can expect a tax bill around $307, while those in the 75th percentile may see a bill close to $1,529. At the higher end, the 90th percentile tax bill can reach up to $2,680. Comparatively, Oakville's property tax rates are competitive when looking at the national median property tax rate of 0.99%. This system ensures that property taxes are proportionate to the value of the home, impacting homeowners by directly correlating their tax obligations with their property’s worth.
Average Oakville Tax Bill
$834
Average Louisa County Tax Bill
$1,366
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52646 | $24 | $307 | $834 | $1,529 | $2,680 |
Source: Ownwell