Riverside, Iowa Property Taxes
The median property tax rate in Riverside, IA is 0.94%, slightly below the national median of 0.99% but significantly lower than the Iowa state median of 1.54%. With a median home value of $271,510 in Riverside, the typical annual property tax bill amounts to $2,806, surpassing the national median of $2,690. Property taxes in Riverside are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Riverside'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 Riverside 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
Riverside, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$2,552
Ownwell’s Riverside Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Riverside with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Riverside 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 Riverside, Iowa
Property taxes in Riverside, Iowa, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Riverside is 0.94%, slightly below the U.S. national median of 0.99%. Local government entities within Riverside set these rates annually, and they can vary across different neighborhoods. Each year, Riverside 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 Riverside's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52327 zip code has the highest median property tax rate of 0.94%, while the same zip code also has the lowest median tax rate of 0.94%. Understanding how these cities compare with Riverside 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 Riverside Tax Rate
0.94%
Average Louisa County Tax Rate
1.21%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Riverside, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52327 | 0.71% | 0.79% | 0.94% | 1.04% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Riverside, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Riverside, Iowa. 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 Riverside, 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 Riverside helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Riverside is $271,510, with tax bills ranging from $1,799 at the 25th percentile to $3,768 at the 90th percentile. The highest and lowest median tax bill is $2,806 in the 52327 zip code.
Average Riverside Assessed Value
$271,510
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 Riverside, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52327 | $168,758 | $216,425 | $271,510 | $325,515 | $361,838 |
Source: Ownwell
Property Tax Bills Across Riverside, Iowa
In Riverside, IA, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is an estimate of the property's market value, which is periodically evaluated by local assessors. This value is then multiplied by the tax rate, which in Riverside is influenced by county-level decisions and various local levies. Homeowners in Riverside face a range of property tax bills. For instance, the 25th percentile tax bill is $1,799, while the 75th percentile reaches $3,217. The highest median tax bill in the area is recorded at $2,806 in the 52327 zip code. These figures are significant when compared to the national median property tax rate of 0.99%. The property tax burden directly impacts homeowners, influencing their financial planning and the overall cost of homeownership. Higher tax bills can affect affordability and may play a role in decisions about buying or selling property in the area. Understanding these factors helps homeowners better anticipate their annual expenses.
Average Riverside Tax Bill
$2,806
Average Louisa County Tax Bill
$1,366
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Riverside, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52327 | $1,541 | $1,799 | $2,806 | $3,217 | $3,768 |
Source: Ownwell