Lytton, Iowa Property Taxes
The median property tax rate in Lytton, IA is 0.97%, which is slightly lower than the national median of 0.99% and significantly below the Iowa state median of 1.54%. With the median home value in Lytton at $167,830, the typical annual property tax bill is $1,482, well under the national median of $2,690. Property taxes in Lytton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as the primary residence and agricultural exemptions. Understanding Lytton'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 Lytton or another part of Calhoun County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lytton, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$1,628
Ownwell’s Lytton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lytton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lytton 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 Lytton, Iowa
Property taxes in Lytton, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lytton is 1.37%, significantly higher than both the Iowa state median of 1.53% and the U.S. national median of 0.99%. Local government entities within Lytton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lytton 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 Lytton's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50561 zip code has the highest median property tax rate of 1.37%, while the 50561 zip code also has the lowest median tax rate of 1.37%. Understanding how these cities compare with Lytton provides valuable insights into the varying tax landscape across Calhoun County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lytton Tax Rate
0.97%
Average Calhoun County Tax Rate
1.32%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lytton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50561 | 0.67% | 0.84% | 0.97% | 1.11% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Lytton, Iowa
In Lytton, 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 Calhoun 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 Lytton, 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 Lytton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Lytton are both $1482, found in the 50561 zip code.
Average Lytton Assessed Value
$167,830
Average Calhoun County Assessed Value
$99,020
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lytton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50561 | $34,652 | $81,765 | $167,830 | $208,535 | $309,882 |
Source: Ownwell
Property Tax Bills Across Lytton, Iowa
In Lytton, located in Calhoun County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Lytton, the median home price is $167,830. Property tax bills can vary significantly, with the 25th percentile paying around $591 and the 75th percentile facing bills up to $2,406. At the 90th percentile, tax bills can reach as high as $3,106. These figures illustrate the range of property tax burdens homeowners may encounter, influenced by factors such as property size, location, and market values. While the highest and lowest median tax bills in the area are both $1,482, the variation in individual tax bills highlights the importance of understanding local assessments and tax rates. Compared to the national median property tax rate of 0.99%, homeowners in Lytton experience a diverse range of tax obligations, impacting their overall financial planning and homeownership costs.
Average Lytton Tax Bill
$1,482
Average Calhoun County Tax Bill
$1,396
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Lytton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50561 | $206 | $591 | $1,482 | $2,406 | $3,106 |
Source: Ownwell