Lake Park, Iowa Property Taxes
The median property tax rate in Lake Park, IA is 0.65%, significantly lower than both the national median of 0.99% and the Iowa state median of 1.54%. With a median home value of $253,725 in Lake Park, the typical annual property tax bill amounts to $1,600, which is well below the national median of $2,690. Property taxes in Lake Park are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Lake Park's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lake Park 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
Lake Park, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$1,649
Ownwell’s Lake Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Park 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 Lake Park, Iowa
Property taxes in Lake Park, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Park is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Lake Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Park 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 Lake Park's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 51347 has both the highest and lowest median property tax rate of 0.65%. Understanding how these cities compare with Lake Park provides valuable insights into the varying tax landscape across Osceola County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Park Tax Rate
0.65%
Average Osceola County Tax Rate
1.21%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Park, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51347 | 0.61% | 0.62% | 0.65% | 0.67% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Lake Park, Iowa
In Lake Park, 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 Osceola County Assessor's Office 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 Lake Park, 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 Lake Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Lake Park, the zip code 51347 has both the highest and lowest median tax bills, each at $1600.
Average Lake Park Assessed Value
$253,725
Average Osceola County Assessed Value
$99,340
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Park, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51347 | $192,697 | $215,582 | $253,725 | $291,868 | $314,753 |
Source: Ownwell
Property Tax Bills Across Lake Park, Iowa
In Lake Park, 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, who evaluates the property's market value. For homeowners in Lake Park, the median home price is $253,725. Property tax rates in this area are influenced by various factors, including local government budgets and funding needs for public services such as schools and infrastructure. Homeowners in Lake Park can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is $1,417, while the 75th percentile tax bill is $1,783. The tax bill at the 90th percentile reaches up to $1,893. These figures highlight the range of property tax obligations within the community. Compared to the national median property tax rate of 0.99%, Lake Park's property tax rates may seem reasonable, but they can still represent a significant expense for homeowners. Understanding these factors helps residents anticipate their financial responsibilities and manage their budgets effectively.
Average Lake Park Tax Bill
$1,600
Average Osceola County Tax Bill
$1,157
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Park, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51347 | $1,307 | $1,417 | $1,600 | $1,783 | $1,893 |
Source: Ownwell