Oelwein, Fayette County, Iowa Property Taxes

Name: Property Tax Bills Across Oelwein, Fayette County, Iowa
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Oelwein, IA effective property tax rate: 1.56%, significantly higher than the national median of 1.02%, but lower than the Iowa state median of 1.54%.
Median Oelwein, IA home value: $85,250
Median annual Oelwein, IA tax bill: $1,295, $1,105 lower than the national median property tax bill of $2,400.

How are property taxes in Fayette County calculated?

Property taxes in Oelwein, IA are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Oelwein’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Oelwein, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Oelwein, Fayette County, Iowa Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.56%

Estimate Property Tax Bill

$1,330

$1,234

Ownwell’s Oelwein Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Oelwein with just two data points. By entering your property's estimated assessed value, our calculator applies Oelwein’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Fayette County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Oelwein, Fayette County, Iowa

Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide essential services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws are involved in setting tax rates and budgets, this is essentially the annual process.

In Oelwein, located in Fayette County, Iowa, the effective property tax rate is 1.56%. This rate matches the highest and lowest median tax rates in the area, indicating a consistent approach to property taxation within the region. When compared to Iowa's median property tax rate of 1.56%, Oelwein aligns perfectly with the state's average, showcasing a stable tax environment. Nationally, the median property tax rate is 1.02%, which means Oelwein's rate is higher than the national average. This could be attributed to the specific budgetary needs and services provided by the local government. Understanding these rates can help property owners in Oelwein anticipate their tax obligations and plan accordingly.

Property Tax Rates Across Oelwein, Fayette County, Iowa

Source: Ownwell

1.00%

1.28%

1.56%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Oelwein Tax Rate

1.56%

Median Effective Fayette County Tax Rate

1.39%

Median Effective Iowa Tax Rate

1.54%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Oelwein, Fayette County, Iowa

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
50662	1.09%	1.39%	1.56%	1.71%	1.76%

Source: Ownwell

Property Tax Assessment Values Across Oelwein, Fayette County, Iowa

When examining property taxes in Oelwein, Iowa, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Fayette County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Fayette County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Oelwein.

For example, the median home price in Oelwein is $85,250, with tax bills ranging significantly across the county. Zip code 50662 has the highest median home price at $85,250.

Property Tax Assessment Values Across Oelwein, Fayette County, Iowa

Source: Ownwell

$59,830

$192,195

$324,560

Median Oelwein Market Value

$85,250

Median Fayette County Market Value

$118,020

Median Iowa Market Value

$167,100

Median United States Market Value

$235,294

Property Tax Assessment Values Across Oelwein, Fayette County, Iowa

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
50662	$28,736	$48,982	$85,250	$141,492	$218,998

Source: Ownwell

Property Tax Bills Across Oelwein, Fayette County, Iowa

In Oelwein, located in Fayette County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to calculate the tax bill. Homeowners in Oelwein typically pay a median property tax bill of $1,295, which is below the national median of $2,400. Factors influencing tax bills include changes in market conditions, local government budgets, and public service funding requirements. The tax burden can vary significantly, with some homeowners paying as little as $754 or as much as $3,127, depending on their property's assessed value and location within the city. Ownwell assists homeowners in reducing their property tax bills by providing expert property tax appeal services. By analyzing local property tax assessments and market trends, Ownwell identifies opportunities for tax reductions, potentially saving homeowners a significant amount on their annual tax bills. This service ensures that homeowners only pay their fair share.

Property Tax Bills Across Oelwein, Fayette County, Iowa

Source: Ownwell

$703

$2,515

$4,326

Median Oelwein Tax Bill

$1,295

Median Fayette County Tax Bill

$1,568

Median Iowa Tax Bill

$2,508

Median United States Tax Bill

$2,400

Property Tax Bills Across Oelwein, Fayette County, Iowa

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
50662	$434	$754	$1,295	$2,104	$3,127

Source: Ownwell