Lisbon, Iowa Property Taxes
The median property tax rate in Lisbon, IA is 1.95%, significantly higher than both the national median of 0.99% and Iowa's state median of 1.54%. With the median home value in Lisbon at $183,800, the typical annual property tax bill reaches $3,632, surpassing the national median of $2,690. Property taxes in Lisbon 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 Lisbon'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 Lisbon 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
Lisbon, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.95%
Estimate Property Tax Bill
$3,584
Ownwell’s Lisbon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lisbon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lisbon 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 Lisbon, Iowa
Property taxes in Lisbon, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lisbon is 1.95%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lisbon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lisbon 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 Lisbon's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52253 zip code has both the highest and lowest median property tax rate of 1.95%. Understanding how these cities compare with Lisbon provides valuable insights into the varying tax landscape across Linn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lisbon Tax Rate
1.95%
Average Linn County Tax Rate
1.84%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lisbon, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52253 | 1.81% | 1.91% | 1.95% | 2.04% | 2.04% |
Source: Ownwell
Property Tax Assessment Values Across Lisbon, Iowa
In Lisbon, 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 Linn 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 Lisbon, 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 Lisbon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 52253 has both the highest and lowest median tax bill at $3,632, with tax bills ranging from $2,681 at the 25th percentile to $6,415 at the 90th percentile.
Average Lisbon Assessed Value
$183,800
Average Linn County Assessed Value
$173,500
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lisbon, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52253 | $104,040 | $134,800 | $183,800 | $249,300 | $314,240 |
Source: Ownwell
Property Tax Bills Across Lisbon, Iowa
In Lisbon, Linn 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 property tax bill. Several factors influence the assessed value, including the home's market value, location, and any improvements made to the property. Homeowners in Lisbon can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is $2,681, while the 75th percentile reaches $4,895, and the 90th percentile can be as high as $6,415. The median home price in Lisbon is $183,800, which gives a general idea of property values in the area. Compared to the national median property tax rate of 0.99%, Lisbon's property tax bills reflect the specific economic and real estate conditions of Linn County. These taxes play a crucial role in funding local services, including schools, emergency services, and infrastructure, directly impacting the quality of life for homeowners.
Average Lisbon Tax Bill
$3,632
Average Linn County Tax Bill
$3,328
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Lisbon, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52253 | $2,138 | $2,681 | $3,632 | $4,895 | $6,415 |
Source: Ownwell