Lamoni, Iowa Property Taxes
The median property tax rate in Lamoni, IA is 1.99%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Lamoni, the typical annual property tax bill reaches $1,624, which is below the national median of $2,690. Property taxes in Lamoni are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lamoni'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 Lamoni 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
Lamoni, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.99%
Estimate Property Tax Bill
$1,582
Ownwell’s LAMONI Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LAMONI with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LAMONI 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 Lamoni, Iowa
Property taxes in Lamoni, Iowa, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lamoni is 1.99%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Lamoni set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lamoni 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 Lamoni's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50140 zip code has the highest median property tax rate of 1.99%, while the same zip code also has the lowest median tax rate of 1.99%. Understanding how these areas compare with Lamoni provides valuable insights into the varying tax landscape across Decatur County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lamoni Tax Rate
1.99%
Average Decatur County Tax Rate
1.59%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lamoni, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50140 | 1.07% | 1.49% | 1.99% | 2.41% | 2.89% |
Source: Ownwell
Property Tax Assessment Values Across Lamoni, Iowa
In Lamoni, 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 Decatur 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 Lamoni, 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. For instance, the median home price in Lamoni is $79,494, and tax bills can vary significantly. The 25th percentile tax bill is around $605, while the 75th percentile tax bill reaches $2,566. Interestingly, the highest and lowest median tax bills are both $1,624 in the 50140 zip code. 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 Lamoni Assessed Value
$79,494
Average Decatur County Assessed Value
$57,520
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lamoni, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50140 | $6,324 | $28,152 | $79,494 | $133,441 | $192,351 |
Source: Ownwell
Property Tax Bills Across Lamoni, Iowa
In Lamoni, located in Decatur County, IA, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value and adjusts it for tax purposes. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $79,494 and the national median property tax rate being 0.99%, homeowners in Lamoni can expect varying tax bills. The tax bill at the 25th percentile is $605, while at the 75th percentile, it rises to $2,566, and at the 90th percentile, it reaches $3,746. These property taxes fund essential community services such as public schools, infrastructure, and emergency services, directly impacting the quality of life in Lamoni. Homeowners must stay informed about their property's assessed value and any changes in local tax rates to manage their tax liabilities effectively.
Average Lamoni Tax Bill
$1,624
Average Decatur County Tax Bill
$928
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Lamoni, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50140 | $148 | $605 | $1,624 | $2,566 | $3,746 |
Source: Ownwell