Spirit Lake, Iowa Property Taxes
The median property tax rate in Spirit Lake, IA is 0.80%, which is lower than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Spirit Lake at $281,000, the typical annual property tax bill is $2,592, falling below the national median of $2,690. Property taxes in Spirit Lake are calculated based on the assessed value, which usually remains below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Spirit Lake'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 Spirit Lake or another part of Dickinson County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Spirit Lake, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$2,248
Ownwell’s Spirit Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spirit Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spirit Lake 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 Spirit Lake, Iowa
Property taxes in Spirit Lake, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spirit Lake is 0.80%, lower than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Spirit Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spirit Lake 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 Spirit Lake's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 51360 has both the highest and lowest median property tax rate of 0.80%. Understanding how these cities compare with Spirit Lake 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 Spirit Lake Tax Rate
0.80%
Average Dickinson County Tax Rate
0.82%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spirit Lake, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51360 | 0.64% | 0.72% | 0.80% | 1.10% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Spirit Lake, Iowa
In Spirit Lake, 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 Spirit Lake, 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 in Spirit Lake is $281,000, with property tax bills ranging from $1,300 at the 25th percentile to $7,148 at the 90th percentile. 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 Spirit Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Spirit Lake Assessed Value
$281,000
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 Spirit Lake, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51360 | $62,800 | $146,800 | $281,000 | $556,300 | $932,880 |
Source: Ownwell
Property Tax Bills Across Spirit Lake, Iowa
Property tax bills in Spirit Lake, located in Dickinson County, IA, are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value typically reflects a percentage of the market value of the home. For instance, with a median home price of $281,000, the tax rates applied to this assessed value can significantly impact the final tax bill. Homeowners in Spirit Lake can expect a wide range of property tax bills. At the 25th percentile, tax bills are around $1,300, while those at the 75th percentile can reach up to $4,632. For those at the 90th percentile, the tax bill can be as high as $7,148. This variability is influenced by factors such as property location, home improvements, and local tax rates. Compared to the national median property tax rate of 0.99%, Spirit Lake's property tax landscape offers a diverse range of financial implications for homeowners, potentially affecting their annual budgeting and long-term financial planning.
Average Spirit Lake Tax Bill
$2,592
Average Dickinson County Tax Bill
$2,470
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Spirit Lake, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51360 | $399 | $1,300 | $2,592 | $4,632 | $7,148 |
Source: Ownwell