Latimer, Iowa Property Taxes
The median property tax rate in Latimer, IA is 1.45%, considerably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $106,900 in Latimer, the typical annual property tax bill reaches $1,516, which is below the national median of $2,690. Property taxes in Latimer are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Latimer'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 Latimer or another part of Franklin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Latimer, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.45%
Estimate Property Tax Bill
$1,550
Ownwell’s Latimer Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Latimer with just two data inputs. By entering your property's estimated assessed value, the calculator applies the median tax rate in Latimer to provide an estimate of your property tax bill. This valuable tool helps you grasp potential tax liabilities. For those interested in more detailed trends on a neighborhood level, you can scroll down to access 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 Latimer, Iowa
Property taxes in Latimer, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Latimer is 1.45%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Latimer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Latimer 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 Latimer's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50452 zip code has the highest median property tax rate of 1.45%, while the 50452 zip code has the lowest median tax rate of 1.45%. Understanding how these cities compare with Latimer provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Latimer Tax Rate
1.45%
Average Franklin County Tax Rate
1.64%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Latimer, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50452 | 1.01% | 1.22% | 1.45% | 1.63% | 1.69% |
Source: Ownwell
Property Tax Assessment Values Across Latimer, Iowa
In Latimer, 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 Franklin 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 Latimer, 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 Latimer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $1,516 in zip code 50452.
Average Latimer Assessed Value
$106,900
Average Franklin County Assessed Value
$103,400
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Latimer, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50452 | $44,060 | $71,300 | $106,900 | $157,400 | $201,100 |
Source: Ownwell
Property Tax Bills Across Latimer, Iowa
In Latimer, IA, property tax bills are calculated based on the assessed value of a property, which is determined by the Franklin County assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Various factors contribute to the assessed value, including the property's market value, location, and characteristics such as size and condition. For homeowners in Latimer, the tax burden can vary significantly. The median home price in the area is $106,900, and property tax bills range widely. For instance, the 25th percentile tax bill is $995, while the 75th percentile tax bill climbs to $2,233, and the 90th percentile tax bill peaks at $2,801. These figures highlight the variability in tax obligations based on property values and assessments. Compared to the national median property tax rate of 0.99%, Latimer's rates can be higher or lower depending on the specific assessed value and applicable local tax rates. This variability significantly impacts homeowners, influencing their annual financial planning and potentially the overall affordability of owning property in Latimer.
Average Latimer Tax Bill
$1,516
Average Franklin County Tax Bill
$1,653
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Latimer, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50452 | $607 | $995 | $1,516 | $2,233 | $2,801 |
Source: Ownwell