Lewis, Iowa Property Taxes
The median property tax rate in Lewis, IA is 1.26%, which is considerably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $176,800 in Lewis, the typical annual property tax bill reaches $2,308, slightly below the national median of $2,690. Property taxes in Lewis are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lewis'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 Lewis 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
Lewis, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.26%
Estimate Property Tax Bill
$2,228
Ownwell’s Lewis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lewis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lewis 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 Lewis, Iowa
Property taxes in Lewis, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lewis is 1.26%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lewis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lewis 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 Lewis's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51544 zip code has the highest median property tax rate of 1.26%, while the same zip code also has the lowest median tax rate of 1.26%. Understanding how these cities compare with Lewis 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 Lewis Tax Rate
1.26%
Average Pottawattamie County Tax Rate
1.73%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lewis, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51544 | 1.11% | 1.16% | 1.26% | 1.32% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Lewis, Iowa
In Lewis, 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 Lewis, 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 Lewis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2308 in the 51544 zip code, which also has the lowest median tax bill.
Average Lewis Assessed Value
$176,800
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 Lewis, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51544 | $107,460 | $130,000 | $176,800 | $229,600 | $255,040 |
Source: Ownwell
Property Tax Bills Across Lewis, Iowa
In Lewis, located in Pottawattamie 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 property tax rate to determine the annual tax bill. For instance, if a home in Lewis has a median home price of $176,800, the tax bill can vary significantly depending on the assessed value and the local tax rate. Factors such as property location, home improvements, and market conditions play a crucial role in the assessed value. Homeowners in Lewis can expect their tax bills to range widely; the 25th percentile tax bill is around $1,706, while the 75th percentile is approximately $2,782. At the 90th percentile, tax bills can reach up to $3,207. These tax bills directly impact homeowners' finances, influencing their budget for other expenses. Understanding how these factors interplay is essential for homeowners to manage their financial planning effectively.
Average Lewis Tax Bill
$2,308
Average Pottawattamie County Tax Bill
$2,932
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Lewis, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51544 | $1,230 | $1,706 | $2,308 | $2,782 | $3,207 |
Source: Ownwell