Lovilia, Iowa Property Taxes
The median property tax rate in Lovilia, IA is 1.31%, 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 $74,055 in Lovilia, the typical annual property tax bill is approximately $991, significantly 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 various exemptions, such as those for primary residences and agricultural properties. By understanding Lovilia’s property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve substantial annual savings. Whether you reside in Lovilia or another part of Monroe County, a thorough grasp of 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
1.31%
Estimate Property Tax Bill
$970
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 essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Lovilia is 1.31%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lovilia set these rates annually, and they can vary 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 areas in Monroe County and the national median. For comparison, the 50150 zip code has the highest median property tax rate of 1.31%, while the same zip code also has the lowest median tax rate of 1.31%. Understanding how these cities compare with Lovilia provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lovilia Tax Rate
1.31%
Average Monroe County Tax Rate
1.39%
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 | 1.09% | 1.19% | 1.31% | 1.43% | 1.63% |
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 Monroe 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 $74,055, with the median tax bill being $991. The zip code 50150 has both the highest and lowest median tax bills, standing at $991.
Average Lovilia Assessed Value
$74,055
Average Monroe County Assessed Value
$86,560
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 | $12,440 | $35,678 | $74,055 | $122,740 | $191,820 |
Source: Ownwell
Property Tax Bills Across Lovilia, Iowa
In Lovilia, Monroe County, IA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Lovilia is $74,055, and the property tax rate is applied to this assessed value to determine the tax bill. Several factors are considered when calculating the tax bill, including the home's assessed value, local levies, and any applicable exemptions. For homeowners, the impact of these property taxes can vary significantly. At the 25th percentile, the tax bill is around $488, which is relatively low compared to the national median property tax rate of 0.99%. However, at the 75th percentile, the tax bill rises to $1,630, and at the 90th percentile, it can reach as high as $2,387. The highest and lowest median tax bills in the area are both $991, indicating a consistent rate across different neighborhoods. These property taxes fund essential local services, including schools, public safety, and infrastructure, directly affecting the quality of life for residents.
Average Lovilia Tax Bill
$991
Average Monroe County Tax Bill
$1,330
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 | $162 | $488 | $991 | $1,630 | $2,387 |
Source: Ownwell