Lakota, Iowa Property Taxes
The median property tax rate in Lakota, IA is 1.41%, which is higher than both the national median of 0.99% and the Iowa state median of 1.54%. With a median home value of $49,335 in Lakota, the typical annual property tax bill is $711, still below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Lakota'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 Lakota or another part of Kossuth County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lakota, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.41%
Estimate Property Tax Bill
$696
Ownwell’s Lakota Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakota with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakota 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 Lakota, Iowa
Property taxes in Lakota, Iowa, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakota is 1.41%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lakota set these rates annually, and they can vary across different neighborhoods. Each year, Lakota 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 Lakota's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50451 has the highest median property tax rate of 1.41%, while the lowest median tax rate is also 1.41%. Understanding how these cities compare with Lakota provides valuable insights into the varying tax landscape across Kossuth County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lakota Tax Rate
1.41%
Average Kossuth County Tax Rate
1.63%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakota, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50451 | 0.75% | 1.02% | 1.41% | 1.77% | 3.59% |
Source: Ownwell
Property Tax Assessment Values Across Lakota, Iowa
In Lakota, 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 Kossuth County Appraisal District 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 Lakota, 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 Lakota helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lakota stands at $49,335, with the highest median tax bill being $711 in zip code 50451.
Average Lakota Assessed Value
$49,335
Average Kossuth County Assessed Value
$85,990
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lakota, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50451 | $11,553 | $25,670 | $49,335 | $87,886 | $131,567 |
Source: Ownwell
Property Tax Bills Across Lakota, Iowa
In Lakota, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the Kossuth County assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Lakota, the median home price is $49,335, and the property tax rate is used to calculate the tax owed. Several factors influence the final tax bill, including the home's assessed value, local tax rates, and any applicable exemptions. For instance, tax bills in Lakota range widely, with the 25th percentile at $380 and the 75th percentile at $1,316. At the 90th percentile, homeowners can expect to pay up to $1,939 annually. Compared to the national median property tax rate of 0.99%, Lakota's tax bills reflect the local economic conditions and property values. These taxes are vital for funding essential community services, such as schools and public safety, directly impacting homeowners by contributing to the quality of life in the area.
Average Lakota Tax Bill
$711
Average Kossuth County Tax Bill
$1,460
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakota, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50451 | $134 | $380 | $711 | $1,316 | $1,939 |
Source: Ownwell