Lacey, Iowa Property Taxes
The median property tax rate in Lacey, IA is 1.15%, notably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Lacey at $29,530, the typical annual property tax bill is approximately $340, which is significantly below the national median of $2,690. Property taxes in Lacey are determined based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Lacey's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you reside in Lacey or another part of Mahaska County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lacey, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$340
Ownwell’s Lacey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lacey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lacey 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 Lacey, Iowa
Property taxes in Lacey, Iowa, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lacey is 1.15%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Lacey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lacey 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 Lacey's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50207 zip code has the highest median property tax rate of 1.15%, while the same zip code also has the lowest median tax rate of 1.15%. Understanding how these cities compare with Lacey provides valuable insights into the varying tax landscape across Mahaska County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lacey Tax Rate
1.15%
Average Mahaska County Tax Rate
1.54%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lacey, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50207 | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Lacey, Iowa
In Lacey, 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 Mahaska 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 Lacey, 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 Lacey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Lacey are both $340, found in the 50207 zip code.
Average Lacey Assessed Value
$29,530
Average Mahaska County Assessed Value
$125,860
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lacey, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50207 | $29,530 | $29,530 | $29,530 | $29,530 | $29,530 |
Source: Ownwell
Property Tax Bills Across Lacey, Iowa
In Lacey, Mahaska County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the property's market value, and this figure is then multiplied by the local tax rate to determine the annual tax bill. For instance, the median home price in Lacey is $29,530, and homeowners can expect to pay a median property tax bill of $340, which is notably lower than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the property's location, size, and any improvements made. Additionally, local government budget needs and voter-approved levies can impact the overall rate. For homeowners, this means that even small changes in assessed value or tax rates can significantly affect their annual tax obligations. Understanding how these elements interact is crucial for effective financial planning and ensuring that homeowners are not caught off guard by their property tax bills.
Average Lacey Tax Bill
$340
Average Mahaska County Tax Bill
$1,886
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Lacey, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50207 | $340 | $340 | $340 | $340 | $340 |
Source: Ownwell