Larrabee, Iowa Property Taxes
The median property tax rate in Larrabee, IA is 0.94%, slightly below the national median of 0.99% and significantly lower than the Iowa state median of 1.54%. With the median home value in Larrabee at $69,960, the typical annual property tax bill amounts to $760, which is well below the national median of $2,690. Property taxes in Larrabee are determined based on the tax assessed value, which is often less than the market value due to various exemptions, including those for primary residences and agricultural properties. Understanding Larrabee'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 Larrabee or another part of Cherokee County, grasping the local property tax intricacies will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Larrabee, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$658
Ownwell’s Larrabee Property Tax Bill Calculator is a valuable resource for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Larrabee. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Larrabee to provide an estimate of your property tax bill. This tool offers a clear understanding of potential tax liabilities, making financial planning easier. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Larrabee, Iowa
Property taxes in Larrabee, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Larrabee is 1.01%, higher than both the Iowa state median of 1.00% and the U.S. national median of 0.99%. Local government entities within Larrabee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Larrabee 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 Larrabee's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51029 zip code has both the highest and lowest median property tax rate of 1.01%. Understanding how these areas compare with Larrabee provides valuable insights into the varying tax landscape across Cherokee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Larrabee Tax Rate
0.94%
Average Cherokee County Tax Rate
1.11%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Larrabee, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51029 | 0.78% | 0.84% | 0.94% | 1.10% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Larrabee, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Larrabee, 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 Cherokee 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 Larrabee, 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 Larrabee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 51029 has the highest and lowest median tax bill, both at $760.
Average Larrabee Assessed Value
$69,960
Average Cherokee County Assessed Value
$121,460
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Larrabee, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51029 | $16,219 | $30,942 | $69,960 | $174,705 | $301,331 |
Source: Ownwell
Property Tax Bills Across Larrabee, Iowa
In Larrabee, property tax bills are calculated based on the assessed value of a home, which is determined by the Cherokee County assessor. The assessed value is typically a percentage of the market value of the property. For instance, a median home price in Larrabee is $69,960. Property tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property location, local tax rates, and any applicable exemptions or deductions. For homeowners in Larrabee, the 25th percentile tax bill is around $322, while the 75th percentile reaches $1,672. The 90th percentile tax bill can be as high as $2,884, reflecting higher-valued properties or those with fewer exemptions. Compared to the national median property tax rate of 0.99%, Larrabee’s rates can significantly impact homeowners, making it essential to understand local assessments and potential savings through exemptions. This ensures homeowners are not overpaying and can manage their property tax liabilities effectively.
Average Larrabee Tax Bill
$760
Average Cherokee County Tax Bill
$1,348
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Larrabee, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51029 | $165 | $322 | $760 | $1,672 | $2,884 |
Source: Ownwell