Lamoni, Iowa Property Taxes
The median property tax rate in Lamoni, IA is 1.38%, which is significantly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $99,842 in Lamoni, the typical annual property tax bill is around $1,265, which is below the national median of $2,690. Property taxes in Lamoni are calculated based on the tax assessed value, which is typically lower than the market value due to exemptions such as those for primary residences and agricultural properties. By understanding Lamoni's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're residing in the heart of Lamoni or elsewhere in the city, gaining insight into the local property tax system can provide significant financial benefits.
Last Updated June 14, 2024
Lamoni, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.38%
Estimate Property Tax Bill
$1,378
Ownwell’s Lamoni Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lamoni with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lamoni 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 Lamoni, Iowa
Property taxes in Lamoni, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lamoni is 1.38%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lamoni set these rates annually, and they can vary across different neighborhoods. Each year, Lamoni 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 Lamoni's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50140 has the highest median property tax rate of 1.38%, while also having the lowest median tax rate of 1.38%. Understanding how these cities compare with Lamoni provides valuable insights into the varying tax landscape across Ringgold County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lamoni Tax Rate
1.38%
Average Ringgold County Tax Rate
1.44%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lamoni, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50140 | 1.11% | 1.17% | 1.38% | 1.59% | 1.69% |
Source: Ownwell
Property Tax Assessment Values Across Lamoni, Iowa
In Lamoni, 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 Ringgold 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 Lamoni, 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 Lamoni helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in Lamoni is $1,265, found in the 50140 zip code.
Average Lamoni Assessed Value
$99,842
Average Ringgold County Assessed Value
$101,674
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lamoni, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50140 | $54,249 | $78,440 | $99,842 | $173,464 | $217,665 |
Source: Ownwell
Property Tax Bills Across Lamoni, Iowa
In Lamoni, located in Ringgold County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Lamoni is $99,842, and the property tax rate in this area is reflective of the state's overall approach to property taxation. Several factors influence the final tax bill, including the assessed value of the property, any applicable exemptions, and the specific tax rate set by local authorities. For instance, homeowners in Lamoni can expect to pay a tax bill ranging from $1,084 at the 25th percentile to $3,249 at the 90th percentile, with the highest median tax bill recorded at $1,265 in the 50140 zip code. These property taxes fund essential community services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners. Understanding these factors helps homeowners anticipate their annual tax obligations and budget accordingly.
Average Lamoni Tax Bill
$1,265
Average Ringgold County Tax Bill
$1,488
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Lamoni, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50140 | $493 | $1,084 | $1,265 | $2,432 | $3,249 |
Source: Ownwell