Larrabee, Iowa Property Taxes
The median property tax rate in Larrabee, IA is 0.90%, which is lower than both the national median of 0.99% and the Iowa state median of 1.54%. With a median home value of $215,865 in Larrabee, the typical annual property tax bill is approximately $1,971, falling below the national median of $2,690. Property taxes in Larrabee are calculated based on the tax assessed value, which often is less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Larrabee'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 Larrabee 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
Larrabee, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$1,943
Ownwell’s Larrabee Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Larrabee. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Larrabee to provide an accurate estimate of your property tax bill. This tool offers clear insights into your potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Larrabee, Iowa
Property taxes in Larrabee, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Larrabee is 1.43%, significantly higher than the Iowa state median of 1.53% and the U.S. national median of 0.99%. Local government entities within Larrabee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Larrabee 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 Larrabee's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51029 zip code has the highest median property tax rate of 1.43%, while the 51029 zip code has the lowest median tax rate of 1.43%. Understanding how these cities compare with Larrabee provides valuable insights into the varying tax landscape across Cherokee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Larrabee Tax Rate
0.90%
Average O'brien County Tax Rate
1.20%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Larrabee, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51029 | 0.85% | 0.87% | 0.90% | 0.94% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Larrabee, Iowa
In Larrabee, 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 O'Brien 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 Larrabee, 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 Larrabee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1971, found in zip code 51029.
Average Larrabee Assessed Value
$215,865
Average O'brien County Assessed Value
$120,840
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Larrabee, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51029 | $188,437 | $198,722 | $215,865 | $233,008 | $243,293 |
Source: Ownwell
Property Tax Bills Across Larrabee, Iowa
In Larrabee, located in O'Brien County, IA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the estimated market value of the property. This value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Larrabee, the median home price stands at $215,865. Property tax bills can vary significantly, with the 25th percentile paying around $1,746 and the 75th percentile paying approximately $2,196. Those at the 90th percentile face a tax bill of about $2,332. The highest and lowest median tax bills in the area are both $1,971, indicating a fairly consistent tax rate within the zip code 51029. Comparatively, the national median property tax rate is 0.99%, which means Larrabee’s tax rates are competitive, providing a balance between funding local services and maintaining affordability for homeowners. This system ensures that property taxes are equitable and reflective of property values, impacting homeowners based on the market value of their homes.
Average Larrabee Tax Bill
$1,971
Average O'brien County Tax Bill
$1,404
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Larrabee, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51029 | $1,610 | $1,746 | $1,971 | $2,196 | $2,332 |
Source: Ownwell