Liscomb, Iowa Property Taxes
The median property tax rate in Liscomb, IA is 1.30%, which is higher than both the national median of 0.99% and the Iowa state median of 1.54%. With a median home value of $73,820 in Liscomb, the typical annual property tax bill reaches $1,000, which is below the national median of $2,690. Property taxes in Liscomb are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, including primary residence and agricultural exemptions. Understanding Liscomb'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 Liscomb or another part of Marshall County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Liscomb, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.3%
Estimate Property Tax Bill
$960
Ownwell’s Liscomb Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Liscomb with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Liscomb 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 Liscomb, Iowa
Property taxes in Liscomb, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Liscomb is 1.30%, significantly higher than the U.S. national median of 0.99%. Local government entities within Liscomb set these rates annually, and they can vary significantly across different neighborhoods. Each year, Liscomb 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 Liscomb's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50148 zip code has the highest median property tax rate of 1.30%, while the same zip code also has the lowest median tax rate of 1.30%. Understanding how these cities compare with Liscomb provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Liscomb Tax Rate
1.30%
Average Marshall County Tax Rate
1.58%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Liscomb, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50148 | 0.85% | 1.03% | 1.30% | 1.51% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Liscomb, Iowa
In Liscomb, 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 Marshall 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 Liscomb, 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 Liscomb helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Liscomb, the zip code with the highest and lowest median tax bill is 50148, both at $1000.
Average Liscomb Assessed Value
$73,820
Average Marshall County Assessed Value
$128,210
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Liscomb, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50148 | $15,741 | $43,275 | $73,820 | $159,855 | $227,308 |
Source: Ownwell
Property Tax Bills Across Liscomb, Iowa
In Liscomb, Marshall County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the tax bill. For homeowners in Liscomb, the median home price is $73,820. Property tax bills can vary significantly; for example, the 25th percentile tax bill is $529, while the 75th percentile tax bill is $1,524, and the 90th percentile tax bill reaches $2,452. These variations reflect differences in property values and any applicable exemptions or deductions. The highest and lowest median tax bills in the area are both $1,000, indicating a relatively consistent tax rate within the same zip code, 50148. Compared to the national median property tax rate of 0.99%, Liscomb's tax rates can influence homeowners' annual financial planning, impacting everything from mortgage payments to disposable income. Understanding these factors can help homeowners better anticipate their property tax obligations.
Average Liscomb Tax Bill
$1,000
Average Marshall County Tax Bill
$1,909
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Liscomb, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50148 | $248 | $529 | $1,000 | $1,524 | $2,452 |
Source: Ownwell