Storm Lake, Iowa Property Taxes
The median property tax rate in Storm Lake, IA is 1.11%, 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 Storm Lake at $196,745, the typical annual property tax bill reaches $2,111, which is below the national median of $2,690. Property taxes in Storm Lake are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Storm Lake'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 Storm Lake 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
Storm Lake, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,184
Ownwell’s Storm Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Storm Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Storm 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 Storm Lake, Iowa
Property taxes in Storm Lake, Iowa, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Storm Lake stands at 1.11%, which is significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Storm Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Storm 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 Storm Lake's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50588 has both the highest and lowest median property tax rate of 1.11%. Understanding how these cities compare with Storm Lake 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 Storm Lake Tax Rate
1.11%
Average Sac County Tax Rate
1.14%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Storm Lake, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50588 | 0.90% | 0.91% | 1.11% | 1.21% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Storm Lake, Iowa
In Storm 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 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 Storm 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. Being aware of these valuation processes in Storm Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2,111, with the zip code 50588.
Average Storm Lake Assessed Value
$196,745
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 Storm Lake, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50588 | $137,044 | $160,022 | $196,745 | $252,512 | $298,477 |
Source: Ownwell
Property Tax Bills Across Storm Lake, Iowa
In Storm Lake, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Storm Lake, the assessed value is a critical factor as it directly influences their tax obligations. The median home price in Storm Lake is $196,745, and with the national median property tax rate at 0.99%, the tax bills can vary significantly. Homeowners in the 25th percentile can expect a tax bill around $1,790, while those in the 75th percentile may see bills closer to $2,502. At the 90th percentile, tax bills can reach up to $3,116, reflecting the variation in home values and tax rates within the area. These property taxes are essential for funding local services such as schools, public safety, and infrastructure, but they also represent a significant financial consideration for homeowners. Understanding how property tax bills are calculated helps residents plan their finances and anticipate future expenses.
Average Storm Lake Tax Bill
$2,111
Average Sac County Tax Bill
$1,376
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Storm Lake, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50588 | $1,436 | $1,790 | $2,111 | $2,502 | $3,116 |
Source: Ownwell