Lamont, Iowa Property Taxes
The median property tax rate in Lamont, IA is 1.04%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $469,150 in Lamont, the typical annual property tax bill amounts to $5,259, surpassing the national median of $2,690. Property taxes in Lamont are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lamont'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 Lamont 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
Lamont, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$4,879
Ownwell’s Lamont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lamont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lamont 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 Delaware County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lamont, Iowa
Property taxes in Lamont, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lamont is 1.04%, higher than the U.S. national median of 0.99%. Local government entities within Lamont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lamont 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 Lamont's effective property tax rate to other areas in Delaware County and the national median. For comparison, the zip code 50650 has both the highest and lowest median property tax rate in the county, standing at 1.04%. Understanding how these cities compare with Lamont provides valuable insights into the varying tax landscape across Delaware County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lamont Tax Rate
1.04%
Average Delaware County Tax Rate
1.30%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lamont, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50650 | 1.02% | 1.02% | 1.04% | 1.12% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Lamont, Iowa
In Lamont, 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 Delaware 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 Lamont, 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 Lamont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Delaware County is $5,259 in the 50650 zip code, while the lowest is also $5,259 in the same zip code.
Average Lamont Assessed Value
$469,150
Average Delaware County Assessed Value
$182,000
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lamont, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50650 | $284,850 | $308,475 | $469,150 | $617,250 | $618,240 |
Source: Ownwell
Property Tax Bills Across Lamont, Iowa
In Lamont, Delaware County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions influence the assessed value. For instance, the median home price in Lamont is $469,150, with tax bills ranging from $3,891 at the 25th percentile to $6,310 at the 75th percentile, and up to $6,419 at the 90th percentile. Compared to the national median property tax rate of 0.99%, homeowners in Lamont may find their tax bills significantly influenced by local rates and property values. High property taxes can impact homeowners by increasing the overall cost of homeownership, potentially affecting their financial planning and long-term investment decisions. Understanding these factors is crucial for homeowners to manage their expenses effectively and plan for future financial needs.
Average Lamont Tax Bill
$5,259
Average Delaware County Tax Bill
$2,420
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Lamont, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50650 | $3,212 | $3,891 | $5,259 | $6,310 | $6,419 |
Source: Ownwell