Lovilia, Iowa Property Taxes
The median property tax rate in Lovilia, IA is 1.11%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Lovilia at $116,170, the typical annual property tax bill amounts to $1,288, which is below the national median of $2,690. Property taxes in Lovilia are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Lovilia'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 Lovilia 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
Lovilia, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$1,289
Ownwell’s Lovilia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lovilia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lovilia 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 Lovilia, Iowa
Property taxes in Lovilia, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lovilia is 1.11%, which is higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Lovilia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lovilia 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 Lovilia's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50150 has the highest median property tax rate of 1.11%, while the same zip code has the lowest median tax rate of 1.11%. Understanding how these areas compare with Lovilia provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lovilia Tax Rate
1.11%
Average Marion County Tax Rate
1.40%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lovilia, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50150 | 1.11% | 1.11% | 1.11% | 1.11% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Lovilia, Iowa
In Lovilia, 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 Marion 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 Lovilia, 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 Lovilia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Lovilia, the median home price is $116,170, and the median tax bill is $1,288, consistent across all reported zip codes, including 50150.
Average Lovilia Assessed Value
$116,170
Average Marion County Assessed Value
$185,955
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lovilia, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50150 | $116,170 | $116,170 | $116,170 | $116,170 | $116,170 |
Source: Ownwell
Property Tax Bills Across Lovilia, Iowa
Property tax bills in Lovilia, located in Marion 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, who evaluates the market value of the property. Once the market value is established, the assessed value is a percentage of that market value, which is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Lovilia, the median home price is $116,170, and the median property tax bill is $1,288. This translates to an effective tax rate of approximately 1.11%, which is slightly above the national median property tax rate of 0.99%. This higher rate means that homeowners in Lovilia may pay more in property taxes compared to the national average, affecting their overall housing costs. Factors such as property improvements, neighborhood developments, and changes in the local tax rate can also influence the final tax bill, making it essential for homeowners to stay informed about their property assessments and local tax policies.
Average Lovilia Tax Bill
$1,288
Average Marion County Tax Bill
$2,660
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Lovilia, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50150 | $1,288 | $1,288 | $1,288 | $1,288 | $1,288 |
Source: Ownwell