Lincoln, Iowa Property Taxes
The median property tax rate in Lincoln, IA is 1.29%, considerably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Lincoln, the typical annual property tax bill reaches $667, which is significantly below the national median of $2,690. Property taxes in Lincoln are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lincoln'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 Lincoln 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
Lincoln, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.29%
Estimate Property Tax Bill
$696
Ownwell’s Lincoln Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lincoln with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lincoln 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 Lincoln, Iowa
Property taxes in Lincoln, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lincoln is 1.29%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Lincoln set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lincoln 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 Lincoln's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50652 zip code has the highest median property tax rate of 1.29%, while the 50652 zip code also has the lowest median tax rate of 1.29%. Understanding how these cities compare with Lincoln provides valuable insights into the varying tax landscape across Tama County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lincoln Tax Rate
1.29%
Average Tama County Tax Rate
1.60%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lincoln, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50652 | 0.93% | 1.11% | 1.29% | 1.46% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Lincoln, Iowa
In Lincoln, 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 local appraisal district 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 Lincoln, 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 Lincoln helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lincoln is $53,955, with tax bills ranging from $454 at the 25th percentile to $1,335 at the 90th percentile. The highest and lowest median tax bill in Lincoln is $667, found in the 50652 zip code.
Average Lincoln Assessed Value
$53,955
Average Tama County Assessed Value
$107,220
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lincoln, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50652 | $15,013 | $33,912 | $53,955 | $79,010 | $106,382 |
Source: Ownwell
Property Tax Bills Across Lincoln, Iowa
In Lincoln, Tama County, IA, property tax bills are primarily determined by the assessed value of a home. This assessed value is calculated based on the market value of the property, which is then multiplied by the local tax rate. In Lincoln, the median home price is $53,955. Homeowners in the area can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is $454, while the 75th percentile tax bill reaches $1,012, and the 90th percentile tax bill can go up to $1,335. Several factors influence the final tax bill, including the property's location, any applicable exemptions, and the local government's budgetary needs. For homeowners, these taxes fund essential services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Lincoln's property tax rates reflect the local economic conditions and public service requirements, impacting homeowners' annual financial planning and overall cost of living.
Average Lincoln Tax Bill
$667
Average Tama County Tax Bill
$1,687
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Lincoln, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50652 | $243 | $454 | $667 | $1,012 | $1,335 |
Source: Ownwell