Lacona, Iowa Property Taxes
The median property tax rate in Lacona, IA is 1.28%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Lacona at $141,195, the typical annual property tax bill is $1,692, which is below the national median of $2,690. Property taxes in Lacona are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Lacona'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 Lacona or another part of Marion County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lacona, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.28%
Estimate Property Tax Bill
$1,807
Ownwell’s LACONA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LACONA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LACONA 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 Lacona, Iowa
Property taxes in Lacona, Iowa, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lacona is 1.28%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Lacona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lacona 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 Lacona's effective property tax rate to other areas in Iowa and the national median. For comparison, the 50139 zip code has the highest median property tax rate of 1.28%, while the same zip code also has the lowest median tax rate of 1.28%. Understanding how these areas compare with Lacona provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lacona Tax Rate
1.28%
Average Marion County Tax Rate
1.40%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lacona, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50139 | 1.07% | 1.16% | 1.28% | 1.37% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Lacona, Iowa
In Lacona, 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 Marion 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 Lacona, 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 Lacona helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Lacona's median home price is $141,195, with tax bills ranging from $1,104 at the 25th percentile to $3,805 at the 90th percentile. Notably, the zip code 50139 has the highest and lowest median tax bill of $1,692.
Average Lacona Assessed Value
$141,195
Average Marion County Assessed Value
$185,955
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lacona, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50139 | $51,870 | $97,990 | $141,195 | $215,518 | $298,221 |
Source: Ownwell
Property Tax Bills Across Lacona, Iowa
In Lacona, property tax bills are calculated based on the assessed value of the property, which is determined by local assessors. The assessed value is a percentage of the market value of the property. Marion County's median home price is $141,195, and property taxes are calculated by applying the local tax rate to this assessed value. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions or deductions. For homeowners in Lacona, the property tax bill can vary significantly. For instance, the 25th percentile tax bill is $1,104, while the 75th percentile reaches $2,652, and the 90th percentile can be as high as $3,805. These variations highlight how different factors can affect the final amount owed. When compared to the national median property tax rate of 0.99%, Lacona's property taxes can be considered in line with average rates, though individual circumstances can lead to higher or lower bills. This system ensures that property taxes are proportionate to the property's value and the services provided by the local government.
Average Lacona Tax Bill
$1,692
Average Marion County Tax Bill
$2,660
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Lacona, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50139 | $671 | $1,104 | $1,692 | $2,652 | $3,805 |
Source: Ownwell