Lenox, Iowa Property Taxes
The median property tax rate in Lenox, IA is 1.74%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Lenox at $52,960, the typical annual property tax bill reaches $758, which is below the national median of $2,690. Property taxes in Lenox are calculated based on the tax assessed value, which typically falls below the market value due to various 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
1.74%
Estimate Property Tax Bill
$922
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 in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lenox is 1.74%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lenox set these rates annually, and they can vary significantly 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 regions in Iowa and the national median. For comparison, the zip code 50851 has the highest median property tax rate of 1.74%, while the lowest median tax rate is also 1.74%. Understanding how these areas compare with Lenox provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lenox Tax Rate
1.74%
Average Union County Tax Rate
1.84%
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 | 1.50% | 1.61% | 1.74% | 1.85% | 1.91% |
Source: Ownwell
Property Tax Assessment Values Across Lenox, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lenox, Iowa. 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 local county appraisal district 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 Lenox, 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. For instance, the highest median tax bill in Lenox is $758 in the 50851 zip code, while the lowest median tax bill is also $758 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lenox Assessed Value
$52,960
Average Union County Assessed Value
$97,050
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 | $5,708 | $9,440 | $52,960 | $103,380 | $149,368 |
Source: Ownwell
Property Tax Bills Across Lenox, Iowa
In Lenox, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Various factors influence this calculation, including the property's market value, any applicable exemptions, and the local tax rate set by the county. Homeowners in Lenox experience a range of tax bills. For instance, the 25th percentile tax bill stands at $159, while the 75th percentile tax bill reaches $1,824. At the 90th percentile, the tax bill can be as high as $2,433. Compared to the national median property tax rate of 0.99%, Lenox's property tax bills can vary significantly based on the property's assessed value. This variability in tax bills can impact homeowners differently, influencing their financial planning and overall cost of homeownership. It's essential for homeowners to understand how their property is assessed and the factors that can affect their tax obligations.
Average Lenox Tax Bill
$758
Average Union County Tax Bill
$1,746
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 | $96 | $159 | $758 | $1,824 | $2,433 |
Source: Ownwell