Lamont, Iowa Property Taxes
The median property tax rate in Lamont, IA is 1.25%, 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 Lamont at $72,350, the typical annual property tax bill reaches $916, significantly below the national median of $2,690. Property taxes in Lamont are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Lamont'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 Lamont 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
Lamont, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.25%
Estimate Property Tax Bill
$904
Ownwell’s Lamont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lamont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lamont 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 Lamont, Iowa
Property taxes in Lamont, Iowa, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lamont is 1.25%, significantly higher than both the Iowa state median of 1.56% and the U.S. national median of 0.99%. Local government entities within Lamont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lamont 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 Lamont's effective property tax rate to other counties in Iowa and the national median. For comparison, the highest median property tax rate in Buchanan County is also 1.25%, while the lowest median tax rate is 1.25%. Understanding how these cities compare with Lamont provides valuable insights into the varying tax landscape across Buchanan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lamont Tax Rate
1.25%
Average Buchanan County Tax Rate
1.39%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lamont, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50650 | 0.96% | 1.07% | 1.25% | 1.42% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Lamont, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lamont, Iowa. 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 Buchanan 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. 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. The median home price in Lamont is $72,350, with tax bills ranging from $492 at the 25th percentile to $1,774 at the 75th percentile, and up to $3,068 at the 90th percentile. The highest and lowest median tax bills are both $916 in zip code 50650. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lamont Assessed Value
$72,350
Average Buchanan County Assessed Value
$154,105
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lamont, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50650 | $27,076 | $39,510 | $72,350 | $150,300 | $253,984 |
Source: Ownwell
Property Tax Bills Across Lamont, Iowa
In Lamont, Buchanan County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value typically reflects a percentage of the market value. Homeowners in Lamont experience a range of property tax bills. For example, the 25th percentile tax bill is around $492, while the 75th percentile reaches $1,774, and the 90th percentile can be as high as $3,068. These variations depend on factors such as property size, location, and improvements. Compared to the national median property tax rate of 0.99%, Lamont's property tax rates can significantly impact homeowners' annual expenses. The highest median tax bill in the county is $916, which is the same across various zip codes like 50650. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly. By knowing how property tax bills are calculated, residents can better manage their budgets and ensure they are not overpaying.
Average Lamont Tax Bill
$916
Average Buchanan County Tax Bill
$2,162
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Lamont, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50650 | $299 | $492 | $916 | $1,774 | $3,068 |
Source: Ownwell