George, Iowa Property Taxes
The median property tax rate in George, IA is 1.01%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $136,270 in George, the typical annual property tax bill is $1,265, which is below the national median of $2,690. Property taxes in George are calculated based on the tax assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding George'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 George or another part of Lyon County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
George, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$1,376
Ownwell’s George Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in George with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in George 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 George, Iowa
Property taxes in George, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in George is 1.01%, higher than the U.S. national median of 0.99%. Local government entities within George set these rates annually, and they can vary significantly across different neighborhoods. Each year, George 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 George's effective property tax rate to other areas and the national median. For comparison, the zip code 51237 has the highest median property tax rate of 1.01%, while the same zip code also has the lowest median tax rate of 1.01%. Understanding how these areas compare with George provides valuable insights into the varying tax landscape across Lyon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average George Tax Rate
1.01%
Average Lyon County Tax Rate
1.03%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across George, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51237 | 0.80% | 0.88% | 1.01% | 1.09% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across George, Iowa
In George, 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 Lyon 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 George, 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 George is $136,270, with tax bills ranging from $764 at the 25th percentile to $3,584 at the 90th percentile. The zip code 51237 has the highest and lowest median tax bill at $1,265. 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 George helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average George Assessed Value
$136,270
Average Lyon County Assessed Value
$190,560
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across George, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51237 | $45,042 | $76,330 | $136,270 | $230,010 | $376,252 |
Source: Ownwell
Property Tax Bills Across George, Iowa
In George, located in Lyon County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value typically reflects a percentage of the market value. The tax rate, applied to this assessed value, ultimately determines the tax bill. For instance, the median home price in George is $136,270. Homeowners can expect their property tax bills to vary significantly, with the 25th percentile at $764 and the 75th percentile reaching $2,048. Several factors influence these tax bills, including property size, location, and any applicable exemptions or deductions. Homeowners in George might find their tax bills higher or lower depending on these variables. The highest median tax bill in the area is $1,265, which aligns with the national median property tax rate of 0.99%. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan accordingly.
Average George Tax Bill
$1,265
Average Lyon County Tax Bill
$1,868
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across George, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51237 | $472 | $764 | $1,265 | $2,048 | $3,584 |
Source: Ownwell