Leighton, Iowa Property Taxes
The median property tax rate in Leighton, IA is 1.19%, which is higher than the national median of 0.99% but lower than Iowa's state median of 1.54%. With a median home value of $168,770 in Leighton, the typical annual property tax bill amounts to $2,044, still below the national median of $2,690. Property taxes in Leighton are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Leighton'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 Leighton or another part of Mahaska County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Leighton, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.19%
Estimate Property Tax Bill
$2,008
Ownwell’s Leighton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Leighton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Leighton 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 Leighton, Iowa
Property taxes in Leighton, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Leighton is 1.19%, higher than the U.S. national median of 0.99%. Local government entities within Leighton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leighton 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 Leighton's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50143 has the highest median property tax rate of 1.19%, while the same zip code also has the lowest median tax rate of 1.19%. Understanding how these cities compare with Leighton 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 Leighton Tax Rate
1.19%
Average Mahaska County Tax Rate
1.54%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leighton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50143 | 0.95% | 1.05% | 1.19% | 1.37% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Leighton, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Leighton, Iowa. 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 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 Leighton, 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. The median home price in Leighton is $168,770, with tax bills varying significantly across the area. For example, the highest median tax bill is found in the 50143 zip code, amounting to $2,044. 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 Leighton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Leighton Assessed Value
$168,770
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 Leighton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50143 | $28,190 | $91,410 | $168,770 | $262,065 | $367,394 |
Source: Ownwell
Property Tax Bills Across Leighton, Iowa
Property tax bills in Leighton, Mahaska County, IA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects a percentage of the home's market value. Homeowners in Leighton pay a median property tax rate of 0.99%, aligning with the national median rate. For a median home price of $168,770, this translates to a typical annual tax bill of approximately $1,670. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Tax bills can vary significantly; for instance, the 25th percentile tax bill stands at $1,362, while the 75th percentile reaches $2,898, and the 90th percentile climbs to $3,812. These variations reflect differences in property values and specific neighborhood tax rates. High property taxes can significantly impact homeowners, affecting their overall housing affordability and monthly expenses. Understanding these factors can help homeowners better anticipate their annual financial obligations.
Average Leighton Tax Bill
$2,044
Average Mahaska County Tax Bill
$1,886
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Leighton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50143 | $355 | $1,362 | $2,044 | $2,898 | $3,812 |
Source: Ownwell