Lamont, Iowa Property Taxes
The median property tax rate in Lamont, IA is 1.00%, slightly above the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $259,590 in Lamont, the typical annual property tax bill is $2,507, which is below the national median of $2,690. Property taxes in Lamont are calculated based on the assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural land. 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 Fayette County, 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%
Estimate Property Tax Bill
$2,596
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 the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lamont, Iowa
Property taxes in Lamont, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lamont is 1.39%, significantly higher than both the Iowa state median of 1.53% and the U.S. national median of 0.99%. Local government entities within Lamont set these rates annually, and they can vary considerably 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. Comparing Lamont's effective property tax rate to other counties in Iowa and the national median provides valuable insights into the varying tax landscape across Buchanan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lamont Tax Rate
1.00%
Average Fayette County Tax Rate
1.39%
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 | 0.88% | 0.92% | 1.00% | 1.27% | 1.36% |
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 Fayette 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. For instance, the median home price in Lamont is $259,590, with tax bills ranging from $1,456 at the 25th percentile to $6,872 at the 90th percentile. The zip code with the highest and lowest median tax bills is 50650, both at $2,507. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lamont Assessed Value
$259,590
Average Fayette County Assessed Value
$118,020
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 | $122,599 | $171,062 | $259,590 | $411,805 | $587,276 |
Source: Ownwell
Property Tax Bills Across Lamont, Iowa
In Lamont, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $259,590, homeowners can expect varying tax bills depending on their property’s assessment and local tax rate. The 25th percentile tax bill in Lamont is $1,456, while the 75th percentile tax bill is significantly higher at $5,522. At the 90th percentile, homeowners face tax bills as high as $6,872. These tax bills can have a substantial impact on homeowners, influencing their overall cost of living and financial planning. Compared to the national median property tax rate of 0.99%, Lamont's property tax rates can be quite variable, reflecting the diverse range of property values and local fiscal policies. Homeowners in Lamont, therefore, need to be aware of these factors to manage their expenses effectively.
Average Lamont Tax Bill
$2,507
Average Fayette County Tax Bill
$1,568
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 | $993 | $1,456 | $2,507 | $5,522 | $6,872 |
Source: Ownwell