Lenox, Iowa Property Taxes
The median property tax rate in Lenox, IA is 1.35%, which is notably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $187,250 in Lenox, the typical annual property tax bill amounts to $2,592, which is still below the national median of $2,690. Property taxes in Lenox are determined based on the tax assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. By understanding Lenox’s property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you're located in the heart of Lenox or another part of the city, gaining insight into the local property tax system is beneficial.
Last Updated June 14, 2024
Lenox, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$2,528
Ownwell’s Lenox Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lenox with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lenox 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 Lenox, Iowa
Property taxes in Lenox, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lenox is 1.35%, which is significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Lenox set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lenox 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 Lenox's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50851 zip code has the highest median property tax rate of 1.35%, while the same zip code also has the lowest median tax rate of 1.35%. Understanding how these cities compare with Lenox provides valuable insights into the varying tax landscape across Adams County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lenox Tax Rate
1.35%
Average Adams County Tax Rate
1.43%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lenox, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50851 | 1.19% | 1.25% | 1.35% | 1.50% | 1.68% |
Source: Ownwell
Property Tax Assessment Values Across Lenox, Iowa
In Lenox, 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 Adams 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 Lenox, 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. The median home price in Lenox is $187,250, and the median tax bill ranges from $1,732 at the 25th percentile to $4,988 at the 90th percentile. Being aware of these valuation processes in Lenox helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lenox Assessed Value
$187,250
Average Adams County Assessed Value
$114,000
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lenox, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50851 | $85,690 | $127,650 | $187,250 | $275,775 | $368,640 |
Source: Ownwell
Property Tax Bills Across Lenox, Iowa
Property tax bills in Lenox, Adams County, IA, are calculated based on the assessed value of a property. The assessment reflects the market value, which is determined by local assessors. Homeowners in Lenox can expect their property tax bill to be influenced by several factors, including the property's assessed value and the local tax rate. For instance, with a median home price of $187,250, the tax bills vary widely. The tax bill at the 25th percentile is $1,732, while at the 75th percentile, it rises to $3,472. At the 90th percentile, homeowners might see a tax bill as high as $4,988. The highest median tax bill in the area is $2,592, and the lowest is also $2,592, indicating a consistent median rate. Compared to the national median property tax rate of 0.99%, Lenox homeowners experience a range of tax obligations, which can significantly impact their annual budget. Understanding these factors can help homeowners anticipate and plan for their property tax expenses.
Average Lenox Tax Bill
$2,592
Average Adams County Tax Bill
$1,577
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Lenox, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50851 | $1,321 | $1,732 | $2,592 | $3,472 | $4,988 |
Source: Ownwell