Lake Park, Iowa Property Taxes
The median property tax rate in Lake Park, IA is 1.08%, which is higher than the national median of 0.99% but lower than Iowa's state median of 1.54%. With a median home value of $159,900 in Lake Park, the typical annual property tax bill amounts to $1,609, falling below the national median of $2,690. Property taxes in Lake Park are determined based on the assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Lake Park's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in significant annual savings. Whether you're in the heart of Lake Park or another part of Dickinson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake Park, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$1,727
Ownwell’s Lake Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Park 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 Lake Park, Iowa
Property taxes in Lake Park, Iowa, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Park is 1.08%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Lake Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Park 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 Lake Park's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51347 zip code has the highest median property tax rate of 1.08%, while the same zip code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with Lake Park provides valuable insights into the varying tax landscape across Dickinson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Park Tax Rate
1.08%
Average Dickinson County Tax Rate
0.82%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Park, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51347 | 0.69% | 0.89% | 1.08% | 1.16% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Lake Park, Iowa
In Lake Park, 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 Dickinson 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 Lake Park, 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 Lake Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area both stand at $1,609 in the 51347 zip code, providing a benchmark for homeowners in the region.
Average Lake Park Assessed Value
$159,900
Average Dickinson County Assessed Value
$263,050
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Park, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51347 | $58,410 | $96,800 | $159,900 | $279,925 | $479,940 |
Source: Ownwell
Property Tax Bills Across Lake Park, Iowa
In Lake Park, located in Dickinson County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The tax rate is then applied to this assessed value to determine the final tax bill. Various factors influence the assessed value, including the home's market value, its size, age, and location. For homeowners in Lake Park, the median home price is $159,900. The tax bill can range significantly, with the 25th percentile at $1,047 and the 75th percentile at $2,696, reflecting the diversity in property values and tax burdens within the area. At the 90th percentile, the tax bill can reach up to $4,318, indicating higher-valued properties. Comparatively, the national median property tax rate is 0.99%, making Lake Park's property taxes relatively moderate. These tax bills impact homeowners by contributing to local services such as schools, infrastructure, and public safety, which in turn can influence property values and community quality of life.
Average Lake Park Tax Bill
$1,609
Average Dickinson County Tax Bill
$2,470
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Park, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51347 | $536 | $1,047 | $1,609 | $2,696 | $4,318 |
Source: Ownwell