Lockridge, Iowa Property Taxes
The median property tax rate in Lockridge, IA is 1.05%, slightly higher than the national median of 0.99% but lower than Iowa's state median of 1.54%. With the median home value in Lockridge at $108,500, the typical annual property tax bill reaches $1,167, which is below the national median of $2,690. Property taxes in Lockridge 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 Lockridge'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 Lockridge 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
Lockridge, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$1,139
Ownwell's LOCKRIDGE Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in LOCKRIDGE with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in LOCKRIDGE to provide an estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by Jefferson County for property tax purposes and includes any applicable exemptions.
Property Tax Rates Across Lockridge, Iowa
Property taxes in Lockridge, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lockridge is 1.05%, which is higher than the U.S. national median of 0.99%. Local government entities within Lockridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lockridge 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 Lockridge's effective property tax rate to other areas in Jefferson County and the national median. For comparison, the zip code 52635 has both the highest and lowest median property tax rate of 1.05%. Understanding how these areas compare with Lockridge provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lockridge Tax Rate
1.05%
Average Jefferson County Tax Rate
1.39%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lockridge, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52635 | 0.90% | 0.96% | 1.05% | 1.21% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Lockridge, Iowa
In Lockridge, 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 Jefferson 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 Lockridge, 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. The median home price in Lockridge is $108,500, with the 25th percentile tax bill at $636 and the 75th percentile tax bill at $1,876. The highest and lowest median tax bills are both $1,167, found in the 52635 zip code. Being aware of these valuation processes in Lockridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lockridge Assessed Value
$108,500
Average Jefferson County Assessed Value
$132,500
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lockridge, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52635 | $22,100 | $57,400 | $108,500 | $177,700 | $289,900 |
Source: Ownwell
Property Tax Bills Across Lockridge, Iowa
In Lockridge, Jefferson County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. For instance, with a median home price of $108,500, homeowners can expect to pay a median tax bill around $1,167, which aligns with the highest and lowest median tax bills in the area. Several factors influence the tax bill, including property size, age, location, and any improvements made to the property. Comparatively, the property tax rate in Lockridge is slightly higher than the national median property tax rate of 0.99%. This means homeowners in Lockridge might pay more in property taxes than the national average. However, property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community.
Average Lockridge Tax Bill
$1,167
Average Jefferson County Tax Bill
$1,806
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Lockridge, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52635 | $258 | $636 | $1,167 | $1,876 | $2,886 |
Source: Ownwell