Little Rock, Osceola County, Iowa Property Taxes
The median property tax rate in Little Rock, IA is 0.96%, slightly lower than the national median of 0.99% but significantly below the Iowa state median of 1.54%. With the median home value in Little Rock at $112,690, the typical annual property tax bill amounts to $1,246, which is less than the national median of $2,690. Property taxes in Little Rock are determined based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Little Rock's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Little Rock or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Little Rock, Osceola County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$1,082
$1,004
Ownwell’s Little Rock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Little Rock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Little Rock 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 Little Rock, Osceola County, Iowa
Property taxes in Little Rock, Iowa, are critical in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Little Rock is 0.96%, slightly lower than the U.S. national median of 0.99%. Local government entities within Little Rock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Little Rock 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 Little Rock's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 51243 has the highest median property tax rate of 0.96%, while the same zip code also has the lowest median tax rate of 0.96%. Understanding how these areas compare with Little Rock provides valuable insights into the varying tax landscape across Osceola County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Little Rock Tax Rate
0.96%
Average Osceola County Tax Rate
1.21%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Little Rock, Osceola County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51243 | 0.70% | 0.87% | 0.96% | 1.03% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Little Rock, Osceola County, Iowa
In Little Rock, 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 Osceola 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 Little Rock, 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 Little Rock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1246, found in zip code 51243.
Property Tax Assessment Values Across Little Rock, Osceola County, Iowa
Source: Ownwell
$16,340
$87,140
$157,940
Average Little Rock Assessed Value
$112,690
Average Osceola County Assessed Value
$99,340
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Little Rock, Osceola County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51243 | $63,656 | $81,315 | $112,690 | $200,470 | $331,362 |
Source: Ownwell
Property Tax Bills Across Little Rock, Osceola County, Iowa
In Little Rock, property tax bills are calculated based on the assessed value of a home, which is determined by the Osceola County assessor. The assessed value typically reflects a percentage of the market value of the property. Homeowners in Little Rock can expect their property tax rates to be influenced by local government budgets, school funding, and public services. The median home price in Little Rock is $112,690, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is around $862, while the 75th percentile reaches $1,913. At the 90th percentile, homeowners might pay as much as $3,179 in property taxes annually. These figures highlight the range of financial responsibilities homeowners may face, depending on their property's assessed value and location within the city. Comparatively, Little Rock's property tax rate can be contrasted with the national median property tax rate of 0.99%, showing how local factors and assessments can lead to variations in tax obligations. This variability emphasizes the importance of understanding how property taxes are calculated and their impact on homeowners' finances.
Average Little Rock Tax Bill
$1,246
Average Osceola County Tax Bill
$1,157
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Little Rock, Osceola County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51243 | $498 | $862 | $1,246 | $1,913 | $3,179 |
Source: Ownwell