Storm Lake, Buena Vista County, Iowa Property Taxes
The median property tax rate in Storm Lake, IA is 1.61%, notably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Storm Lake at $164,280, the typical annual property tax bill reaches $2,518, which is below the national median of $2,690. Property taxes in Storm Lake 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 Storm Lake'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 Storm Lake 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
Storm Lake, Buena Vista County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.61%
Estimate Property Tax Bill
$2,645
$2,454
Ownwell’s Storm Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Storm Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Storm Lake 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 Storm Lake, Buena Vista County, Iowa
Property taxes in Storm Lake, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Storm Lake is 1.61%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Storm Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Storm Lake 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 Storm Lake's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50588 zip code has both the highest and lowest median property tax rate of 1.61%. Understanding how these cities compare with Storm Lake 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 Storm Lake Tax Rate
1.61%
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 Storm Lake, Buena Vista County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50588 | 1.25% | 1.52% | 1.61% | 1.70% | 1.75% |
Source: Ownwell
Property Tax Assessment Values Across Storm Lake, Buena Vista County, Iowa
In Storm Lake, 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 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 Storm Lake, 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. The median home price in Storm Lake is $164,280. The zip code with the highest and lowest median tax bill is 50588, both at $2,518. Being aware of these valuation processes in Storm Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Storm Lake, Buena Vista County, Iowa
Source: Ownwell
$34,295
$123,713
$213,130
Average Storm Lake Assessed Value
$164,280
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 Storm Lake, Buena Vista County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50588 | $84,510 | $118,400 | $164,280 | $244,110 | $361,658 |
Source: Ownwell
Property Tax Bills Across Storm Lake, Buena Vista County, Iowa
In Storm Lake, property tax bills are determined by assessing the value of a home and applying the local tax rate set by Buena Vista County. The assessed value is based on factors such as the property's market value, location, and any improvements made. For homeowners in Storm Lake, the median home price is $164,280, which plays a crucial role in calculating the property tax bill. The tax bills in Storm Lake vary significantly. For instance, homeowners at the 25th percentile pay around $1,835, while those at the 75th percentile face a tax bill of approximately $3,653. At the higher end, the 90th percentile sees tax bills reaching up to $5,421. The highest and lowest median tax bills in the area are both recorded at $2,518 in the 50588 zip code, reflecting the uniformity in tax assessments within that locality. Compared to the national median property tax rate of 0.99%, Storm Lake's tax rates can have a substantial financial impact on homeowners, influencing their overall cost of living and long-term investment in their property.
Average Storm Lake Tax Bill
$2,518
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 Storm Lake, Buena Vista County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50588 | $1,286 | $1,835 | $2,518 | $3,653 | $5,421 |
Source: Ownwell