Little Rock, Iowa Property Taxes
The median property tax rate in Little Rock, Iowa is 1.12%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $107,995 in Little Rock, the typical annual property tax bill amounts to $1,162, which is below the national median of $2,690. Property taxes in Little Rock are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Little Rock'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 Little Rock 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
Little Rock, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$1,210
Ownwell’s LITTLE ROCK Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LITTLE ROCK with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LITTLE ROCK 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 Little Rock, Iowa
Property taxes in Little Rock, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Little Rock is 1.12%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Little Rock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Little Rock 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 Little Rock's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51243 zip code has the highest median property tax rate of 1.12%, while the same zip code also has the lowest median tax rate of 1.12%. Understanding how these cities compare with Little Rock provides valuable insights into the varying tax landscape across Lyon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Little Rock Tax Rate
1.12%
Average Lyon County Tax Rate
1.03%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Little Rock, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51243 | 0.84% | 0.91% | 1.12% | 1.28% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Little Rock, Iowa
In Little Rock, 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 Lyon 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 Little Rock, 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. For instance, in Lyon County, the highest median tax bill is $1162 in zip code 51243, while the lowest median tax bill is also $1162 in the same zip code. 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 Little Rock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Little Rock Assessed Value
$107,995
Average Lyon County Assessed Value
$190,560
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Little Rock, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51243 | $24,689 | $49,995 | $107,995 | $212,652 | $374,750 |
Source: Ownwell
Property Tax Bills Across Little Rock, Iowa
In Little Rock, property tax bills are calculated based on the assessed value of a home, which is determined by the Lyon County assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. The median home price in Little Rock is $107,995, and homeowners can expect varying tax bills depending on their property’s assessed value and specific circumstances. Factors such as property size, location, and any improvements can impact the assessed value. In Little Rock, the tax bill for the 25th percentile of homes is $538, while the 75th percentile sees bills around $2,268. For those in the 90th percentile, tax bills can reach up to $3,799. Comparatively, the national median property tax rate is 0.99%, making Little Rock’s property taxes relatively moderate. These taxes play a crucial role in funding local services such as schools, infrastructure, and emergency services, directly affecting the community and homeowners' quality of life.
Average Little Rock Tax Bill
$1,162
Average Lyon County Tax Bill
$1,868
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Little Rock, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51243 | $262 | $538 | $1,162 | $2,268 | $3,799 |
Source: Ownwell