Peterson, O'brien County, Iowa Property Taxes
The median property tax rate in Peterson, Iowa is 1.01%, slightly higher than the national median of 0.99%, yet lower than the Iowa state median of 1.54%. With the median home value in Peterson, the typical annual property tax bill reaches $1,211, which is below the national median of $2,690. Property taxes in Peterson 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 Peterson'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 Peterson 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
Peterson, O'brien County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$1,035
$961
Ownwell’s Peterson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Peterson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Peterson 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 Peterson, O'brien County, Iowa
Property taxes in Peterson, Iowa, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Peterson is 1.01%, which is higher than the U.S. national median of 0.99%. Local government entities within Peterson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Peterson 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 Peterson's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51047 zip code has the highest median property tax rate of 1.01%, while the same zip code also has the lowest median tax rate of 1.01%. Understanding how these cities compare with Peterson provides valuable insights into the varying tax landscape across O'Brien County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Peterson Tax Rate
1.01%
Average O'brien County Tax Rate
1.20%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Peterson, O'brien County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51047 | 0.82% | 0.88% | 1.01% | 1.21% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Peterson, O'brien County, Iowa
In Peterson, 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 O'Brien 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 Peterson, 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 Peterson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 51047 has the highest and lowest median tax bill at $1,211, highlighting the importance of understanding these values.
Property Tax Assessment Values Across Peterson, O'brien County, Iowa
Source: Ownwell
$63,140
$142,140
$221,140
Average Peterson Assessed Value
$102,520
Average O'brien County Assessed Value
$120,840
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Peterson, O'brien County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51047 | $63,644 | $78,878 | $102,520 | $144,410 | $211,963 |
Source: Ownwell
Property Tax Bills Across Peterson, O'brien County, Iowa
In Peterson, located in O'Brien County, IA, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by local government assessors and reflects the market value of the property. Once the assessed value is established, the property tax rate, which in O'Brien County is aligned with the national median property tax rate of 0.99%, is applied to calculate the annual tax bill. Several factors influence the final tax amount, including the property's location, size, and any applicable exemptions or deductions. For instance, the median home price in Peterson is $102,520. At the 25th percentile, homeowners might expect to pay around $826, while those at the 75th percentile could see bills closer to $1,352. The top 10% of properties, often larger or more valuable, might incur taxes as high as $2,030. These taxes are crucial for funding local services such as schools, public safety, and infrastructure. For homeowners, understanding these factors helps in budgeting and financial planning, ensuring they are prepared for their annual tax obligations.
Average Peterson Tax Bill
$1,211
Average O'brien County Tax Bill
$1,404
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Peterson, O'brien County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51047 | $513 | $826 | $1,211 | $1,352 | $2,030 |
Source: Ownwell