Lake View, Iowa Property Taxes
The median property tax rate in Lake View, IA is 1.05%, 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 Lake View at $168,190, the typical annual property tax bill reaches $1,712, which is below the national median of $2,690. Property taxes in Lake View 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 Lake View'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 Lake View 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
Lake View, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$1,766
Ownwell’s Lake View Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake View with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake View 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 Lake View, Iowa
Property taxes in Lake View, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake View is 1.05%, higher than both the Iowa state median of 1.53% and the U.S. national median of 0.99%. Local government entities within Lake View set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake View 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 Lake View's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51450 zip code has the highest median property tax rate of 1.05%, while the 51450 zip code also has the lowest median tax rate of 1.05%. Understanding how these cities compare with Lake View provides valuable insights into the varying tax landscape across Sac County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake View Tax Rate
1.05%
Average Sac County Tax Rate
1.14%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake View, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51450 | 0.89% | 0.98% | 1.05% | 1.12% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Lake View, Iowa
In Lake View, 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 Sac 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 Lake View, 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 Lake View helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lake View is $168,190, with the highest median tax bill in zip code 51450 at $1,712.
Average Lake View Assessed Value
$168,190
Average Sac County Assessed Value
$117,660
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake View, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51450 | $28,674 | $88,070 | $168,190 | $291,185 | $481,032 |
Source: Ownwell
Property Tax Bills Across Lake View, Iowa
In Lake View, Sac County, IA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $168,190. Homeowners see tax bills varying significantly, with the 25th percentile tax bill at $908 and the 75th percentile reaching $3,068. The 90th percentile tax bill can go as high as $5,032. These variations depend on multiple factors, including property size, location, and improvements. The local tax rate is applied to the assessed value of the property, not its market value, to determine the tax bill. This means that even if home prices fluctuate, the assessed value remains a key determinant. The highest median tax bill recorded in Sac County is $1,712, which is notably higher than the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Lake View Tax Bill
$1,712
Average Sac County Tax Bill
$1,376
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake View, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51450 | $273 | $908 | $1,712 | $3,068 | $5,032 |
Source: Ownwell