Luzerne, Iowa Property Taxes
The median property tax rate in Luzerne, IA is 1.33%, which is higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Luzerne, the typical annual property tax bill reaches $2,106, slightly below the national median of $2,690. Property taxes in Luzerne are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Luzerne'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 Luzerne 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
Luzerne, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.33%
Estimate Property Tax Bill
$2,217
Ownwell’s Luzerne Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Luzerne with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Luzerne 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 Luzerne, Iowa
Property taxes in Luzerne, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Luzerne is 1.33%, which is significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Luzerne set these rates annually, and they can vary significantly across different neighborhoods. Each year, Luzerne 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 Luzerne's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 52257 has the highest median property tax rate of 1.33%, while the same zip code also has the lowest median tax rate of 1.33%. Understanding how these cities compare with Luzerne provides valuable insights into the varying tax landscape across Iowa, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Luzerne Tax Rate
1.33%
Average Iowa County Tax Rate
1.36%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Luzerne, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52257 | 1.25% | 1.28% | 1.33% | 1.37% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Luzerne, Iowa
In Luzerne, 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 Iowa 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 Luzerne, 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 Luzerne helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 52257, with a median tax bill of $2,106.
Average Luzerne Assessed Value
$166,680
Average Iowa County Assessed Value
$157,090
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Luzerne, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52257 | $75,952 | $109,975 | $166,680 | $223,385 | $257,408 |
Source: Ownwell
Property Tax Bills Across Luzerne, Iowa
Property tax bills in Luzerne, Iowa are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the local assessor's office, which evaluates the property's market value and applies an assessment ratio. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including property size, location, and improvements. For instance, a home with a median market price of $166,680 in Luzerne would have its tax bill calculated using these criteria. Homeowners in Luzerne can expect tax bills to vary significantly, with the 25th percentile at $1,431, the 75th percentile at $2,781, and the 90th percentile reaching up to $3,186. These property taxes are crucial for funding local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Compared to the national median property tax rate of 0.99%, Luzerne's property tax rates provide essential community benefits while reflecting local property values.
Average Luzerne Tax Bill
$2,106
Average Iowa County Tax Bill
$2,134
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Luzerne, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52257 | $1,026 | $1,431 | $2,106 | $2,781 | $3,186 |
Source: Ownwell