Carter Lake, Iowa Property Taxes
The median property tax rate in Carter Lake, IA, is 1.52%, slightly lower than the state median of 1.54% but still higher than the national median of 0.99%. With a median home value of $158,250 in Carter Lake, the typical annual property tax bill amounts to $2,342, which is below the national median of $2,690. Property taxes in Carter Lake are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. By understanding Carter Lake's property tax system, exploring available exemptions, and identifying reduction opportunities, homeowners and real estate investors can achieve significant annual savings. Whether you reside in the heart of Carter Lake or another part of the city, gaining insight into the local property tax system can be highly beneficial.
Last Updated June 14, 2024
Carter Lake, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.52%
Estimate Property Tax Bill
$2,405
Ownwell’s Carter Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Carter Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Carter Lake 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 Carter Lake, Iowa
Property taxes in Carter Lake, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Carter Lake is 1.52%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Carter Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Carter Lake 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 Carter Lake's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 51510 has the highest median property tax rate of 1.52%, which is the same as the rate in Carter Lake. Understanding how these cities compare with Carter Lake provides valuable insights into the varying tax landscape across Pottawattamie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Carter Lake Tax Rate
1.52%
Average Pottawattamie County Tax Rate
1.73%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carter Lake, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51510 | 1.27% | 1.39% | 1.52% | 1.62% | 1.75% |
Source: Ownwell
Property Tax Assessment Values Across Carter Lake, Iowa
In Carter Lake, 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 Pottawattamie 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 Carter Lake, 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 Carter Lake is $158,250. The highest and lowest median tax bills are both $2,342 in the 51510 zip code. Being aware of these valuation processes in Carter Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Carter Lake Assessed Value
$158,250
Average Pottawattamie County Assessed Value
$173,400
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Carter Lake, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51510 | $106,650 | $127,950 | $158,250 | $229,675 | $382,400 |
Source: Ownwell
Property Tax Bills Across Carter Lake, Iowa
In Carter Lake, property tax bills are determined based on the assessed value of your home, which is derived from the market value. For instance, with a median home price of $158,250, your property tax bill is calculated by applying the local tax rate to this assessed value. Factors like property improvements, neighborhood developments, and market trends can influence the assessed value. The resulting tax bill can vary significantly; homeowners in the 25th percentile might pay around $1,870, while those in the 75th percentile could see bills as high as $3,228. In some cases, such as the 90th percentile, tax bills can reach up to $5,929. Comparing this to the national median property tax rate of 0.99%, Carter Lake homeowners experience a range of tax burdens depending on their property’s assessed value. Understanding these factors can help homeowners in Carter Lake anticipate their property tax obligations and plan accordingly.
Average Carter Lake Tax Bill
$2,342
Average Pottawattamie County Tax Bill
$2,932
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Carter Lake, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51510 | $1,502 | $1,870 | $2,342 | $3,228 | $5,929 |
Source: Ownwell