Lakeside, Iowa Property Taxes
The median property tax rate in Lakeside, IA is 1.41%, 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 $180,010 in Lakeside, the typical annual property tax bill is around $2,556, slightly below the national median of $2,690. Property taxes in Lakeside are determined based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Lakeside’s property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you reside in the heart of Lakeside or another area within Buena Vista County, being informed about the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Lakeside, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.41%
Estimate Property Tax Bill
$2,538
Ownwell’s Lakeside Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakeside with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakeside 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 Lakeside, Iowa
Property taxes in Lakeside, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakeside is 1.41%, which is higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Lakeside set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakeside 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 Lakeside's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50588 zip code has the highest median property tax rate of 1.41%, while the same zip code also has the lowest median tax rate of 1.41%. Understanding how these cities compare with Lakeside provides valuable insights into the varying tax landscape across Buena Vista County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lakeside Tax Rate
1.41%
Average Buena Vista County Tax Rate
1.46%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakeside, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50588 | 1.33% | 1.37% | 1.41% | 1.51% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Lakeside, Iowa
In Lakeside, Iowa, understanding the difference between "market value" and "assessed value" is essential 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 Buena Vista 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 Lakeside, 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. For instance, the median home price in Lakeside is $180,010, with the 25th percentile tax bill at $1,884 and the 75th percentile at $4,046. The highest median tax bill is $2,556 in zip code 50588. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lakeside Assessed Value
$180,010
Average Buena Vista County Assessed Value
$152,730
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lakeside, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50588 | $104,270 | $136,700 | $180,010 | $282,460 | $411,890 |
Source: Ownwell
Property Tax Bills Across Lakeside, Iowa
Property tax bills in Lakeside, Buena Vista County, IA are determined based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the property's market value, which is periodically evaluated by local assessors. In Lakeside, homeowners can expect property tax bills to vary significantly. For instance, the 25th percentile tax bill is $1,884, while the 75th percentile reaches $4,046, and the 90th percentile can go up to $6,131. These figures show a wide range in tax obligations, influenced by the home's assessed value and the specific tax rate applied. The median home price in Lakeside is $180,010, which serves as a benchmark for understanding how property values impact tax bills. Compared to the national median property tax rate of 0.99%, homeowners in Lakeside experience varying tax burdens depending on where their property falls within the assessed value spectrum. This variability can significantly affect homeowners' financial planning and long-term investment in their properties.
Average Lakeside Tax Bill
$2,556
Average Buena Vista County Tax Bill
$2,124
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakeside, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50588 | $1,412 | $1,884 | $2,556 | $4,046 | $6,131 |
Source: Ownwell