Osage, Mitchell County, Iowa Property Taxes
The median property tax rate in Osage, IA is 1.34%, 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 Osage at $147,650, the typical annual property tax bill reaches $1,892, falling below the national median of $2,690. Property taxes in Osage are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Osage'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 Osage 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
Osage, Mitchell County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.34%
Estimate Property Tax Bill
$1,979
$1,836
Ownwell’s Osage Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Osage with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Osage 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 Osage, Mitchell County, Iowa
Property taxes in Osage, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Osage is 1.34%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Osage set these rates annually, and they can vary significantly across different neighborhoods. Each year, Osage 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 Osage's effective property tax rate to other areas in Iowa and the national median. For comparison, the zip code 50461 has the highest median property tax rate of 1.34%, while the same zip code also has the lowest median tax rate of 1.34%. Understanding how these areas compare with Osage provides valuable insights into the varying tax landscape across Mitchell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Osage Tax Rate
1.34%
Average Mitchell County Tax Rate
1.25%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Osage, Mitchell County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50461 | 1.04% | 1.14% | 1.34% | 1.44% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across Osage, Mitchell County, Iowa
In Osage, 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 Mitchell 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 Osage, 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 Osage helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Osage is $147,650, with the highest and lowest median tax bills both recorded at $1,892 in the 50461 zip code.
Property Tax Assessment Values Across Osage, Mitchell County, Iowa
Source: Ownwell
$60,730
$195,478
$330,225
Average Osage Assessed Value
$147,650
Average Mitchell County Assessed Value
$146,070
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Osage, Mitchell County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50461 | $48,774 | $91,245 | $147,650 | $239,145 | $375,176 |
Source: Ownwell
Property Tax Bills Across Osage, Mitchell County, Iowa
In Osage, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $147,650, homeowners can expect a tax bill that varies significantly depending on specific factors such as property location and exemptions. Homeowners in Osage see tax bills ranging from $1,217 at the 25th percentile to $3,053 at the 75th percentile, and up to $4,834 at the 90th percentile. The highest and lowest median tax bills in the area are both $1,892, indicating a relatively consistent tax rate across different properties. Compared to the national median property tax rate of 0.99%, Osage's tax rates may seem high, but they reflect the local funding needs for public services, schools, and infrastructure. This system ensures that property taxes are fairly distributed based on property values, impacting homeowners by directly correlating their tax bills with their property’s market worth.
Average Osage Tax Bill
$1,892
Average Mitchell County Tax Bill
$1,776
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Osage, Mitchell County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50461 | $648 | $1,217 | $1,892 | $3,053 | $4,834 |
Source: Ownwell