Lenox, Iowa Property Taxes
The median property tax rate in Lenox, IA is 1.46%, which is considerably higher than the national median of 0.99% but slightly lower than the Iowa state median of 1.54%. With the median home value in Lenox at $101,880, the typical annual property tax bill reaches $1,484, which is below the national median of $2,690. Property taxes in Lenox are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Lenox'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 Lenox 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
Lenox, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.46%
Estimate Property Tax Bill
$1,487
Ownwell’s Lenox Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lenox with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lenox 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 Lenox, Iowa
Property taxes in Lenox, Iowa, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lenox is 1.46%, significantly higher than the U.S. national median of 0.99%. Local government entities in Lenox set these rates annually, and they can vary across different neighborhoods. Each year, Lenox 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 Lenox's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50851 has the highest median property tax rate of 1.46%, while the same zip code also has the lowest median tax rate of 1.46%. Understanding how these cities compare with Lenox provides valuable insights into the varying tax landscape across Taylor County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lenox Tax Rate
1.46%
Average Taylor County Tax Rate
1.27%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lenox, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50851 | 1.13% | 1.29% | 1.46% | 1.57% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Lenox, Iowa
In Lenox, 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 Taylor 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. Assessment notices in Lenox 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 Lenox is $101,880, with annual property tax bills ranging from $874 at the 25th percentile to $3,621 at the 90th percentile. The zip code with both the highest and lowest median tax bills is 50851, with a median tax bill of $1,484. Being aware of these valuation processes in Lenox helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lenox Assessed Value
$101,880
Average Taylor County Assessed Value
$80,810
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lenox, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50851 | $31,644 | $60,300 | $101,880 | $165,490 | $246,598 |
Source: Ownwell
Property Tax Bills Across Lenox, Iowa
Property tax bills in Lenox, Taylor County, IA, are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the local assessor's office, which evaluates the property's market value. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For instance, with a median home price of $101,880, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. Factors such as property improvements, neighborhood changes, and market trends can all influence the assessed value. In Lenox, tax bills can range significantly: from the 25th percentile at $874 to the 75th percentile at $2,402, and up to the 90th percentile at $3,621. This variation highlights how changes in assessed values and tax rates can impact homeowners differently. Comparing to the national median property tax rate of 0.99%, Lenox homeowners may find their tax bills either higher or lower depending on these local assessments and rates.
Average Lenox Tax Bill
$1,484
Average Taylor County Tax Bill
$1,036
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Lenox, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50851 | $454 | $874 | $1,484 | $2,402 | $3,621 |
Source: Ownwell