Luzerne, Iowa Property Taxes
The median property tax rate in Luzerne, IA is 1.23%, 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 $172,100 in Luzerne, the typical annual property tax bill amounts to $1,809, falling below the national median of $2,690. Property taxes in Luzerne are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Luzerne'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 Luzerne or another part of Benton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Luzerne, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$2,117
Ownwell’s Luzerne Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Luzerne with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Luzerne 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 Luzerne, Iowa
Property taxes in Luzerne, Iowa, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Luzerne is 1.23%, significantly higher than both the Iowa state median of 1.37% and the U.S. national median of 0.99%. Local government entities within Luzerne set these rates annually, and they can vary significantly across different neighborhoods. Each year, Luzerne 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 Luzerne's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52257 zip code has the highest median property tax rate of 1.23%, while the 52257 zip code also has the lowest median tax rate of 1.23%. Understanding how these cities compare with Luzerne provides valuable insights into the varying tax landscape across Benton, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Luzerne Tax Rate
1.23%
Average Benton County Tax Rate
1.37%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Luzerne, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52257 | 0.90% | 1.02% | 1.23% | 1.39% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Luzerne, Iowa
In Luzerne, 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 Benton County 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 Luzerne, 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 Luzerne helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $1809 in the 52257 zip code, while the lowest median tax bill is also $1809 in the same zip code.
Average Luzerne Assessed Value
$172,100
Average Benton County Assessed Value
$183,200
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Luzerne, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52257 | $38,920 | $79,225 | $172,100 | $299,950 | $477,520 |
Source: Ownwell
Property Tax Bills Across Luzerne, Iowa
In Luzerne, Benton County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $172,100, homeowners in Luzerne can expect varying tax bills. The tax bill at the 25th percentile is around $1,001, while at the 75th percentile, it rises to approximately $3,674. For those at the 90th percentile, the tax bill can reach up to $6,006. Several factors influence these tax bills, including the property's assessed value, local tax rates, and any applicable exemptions or abatements. These taxes significantly impact homeowners, as they represent a substantial annual expense. Compared to the national median property tax rate of 0.99%, Luzerne's property tax rates reflect the local economic landscape and funding requirements for public services, directly affecting the financial responsibilities of its residents.
Average Luzerne Tax Bill
$1,809
Average Benton County Tax Bill
$2,460
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Luzerne, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52257 | $397 | $1,001 | $1,809 | $3,674 | $6,006 |
Source: Ownwell