Lineville, Iowa Property Taxes
The median property tax rate in Lineville, IA is 1.47%, notably higher than the national median of 0.99% but slightly lower than the Iowa state median of 1.54%. With a median home value of $57,900 in Lineville, the typical annual property tax bill is $794, which is significantly below the national median of $2,690. Property taxes in Lineville are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lineville'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 Lineville or another part of Wayne County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lineville, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.47%
Estimate Property Tax Bill
$851
Ownwell’s Lineville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lineville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lineville 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 Lineville, Iowa
Property taxes in Lineville, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lineville is 1.47%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Lineville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lineville 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 Lineville's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50147 has the highest median property tax rate of 1.47%, while the same zip code also has the lowest median tax rate of 1.47%. Understanding how these cities compare with Lineville provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lineville Tax Rate
1.47%
Average Wayne County Tax Rate
1.58%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lineville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50147 | 1.10% | 1.30% | 1.47% | 1.61% | 1.67% |
Source: Ownwell
Property Tax Assessment Values Across Lineville, Iowa
In Lineville, 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 Wayne 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 Lineville, 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. The median home price here is $57,900, with tax bills ranging from $340 at the 25th percentile to $2,388 at the 90th percentile. The highest and lowest median tax bill both stand at $794 in the 50147 zip code. 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 Lineville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lineville Assessed Value
$57,900
Average Wayne County Assessed Value
$80,110
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lineville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50147 | $14,139 | $23,702 | $57,900 | $94,998 | $162,450 |
Source: Ownwell
Property Tax Bills Across Lineville, Iowa
In Lineville, Wayne County, IA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value of the property, which is determined by the county assessor. This value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Lineville, the median home price is $57,900. Tax bills can vary significantly, with the 25th percentile at $340 and the 75th percentile reaching $1,326. The highest median tax bill in the area is $794, found in the 50147 zip code. These figures show that while some homeowners may face relatively low property taxes, others could see higher bills depending on their property's assessed value and the specific tax rates applied. Understanding these factors is crucial for homeowners as it directly impacts their annual financial planning and overall housing affordability.
Average Lineville Tax Bill
$794
Average Wayne County Tax Bill
$1,272
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Lineville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50147 | $178 | $340 | $794 | $1,326 | $2,388 |
Source: Ownwell