Lake City, Carroll County, Iowa Property Taxes
The median property tax rate in Lake City, IA is 1.05%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $172,810, the typical annual property tax bill in Lake City is $1,736, which is below the national median of $2,690. Property taxes here are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Lake City'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 Lake City or another part of Carroll County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake City, Carroll County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$1,815
$1,684
Ownwell’s Lake City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake City 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 Lake City, Carroll County, Iowa
Property taxes in Lake City, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake City is 1.05%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Lake City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake City 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 Lake City's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51449 zip code has the highest median property tax rate of 1.05%, while the 51449 zip code also has the lowest median tax rate of 1.05%. Understanding how these cities compare with Lake City provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake City Tax Rate
1.05%
Average Carroll County Tax Rate
1.15%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake City, Carroll County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51449 | 0.66% | 0.98% | 1.05% | 1.15% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Lake City, Carroll County, Iowa
In Lake City, 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 Carroll 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 Lake City, 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. For instance, the median home price is $172,810, with tax bills ranging from $872 at the 25th percentile to $3,608 at the 90th percentile. The zip code with the highest median tax bill is 51449, valued at $1,736. 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 Lake City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Lake City, Carroll County, Iowa
Source: Ownwell
$33,445
$121,328
$209,210
Average Lake City Assessed Value
$172,810
Average Carroll County Assessed Value
$153,990
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake City, Carroll County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51449 | $56,357 | $94,332 | $172,810 | $259,708 | $351,087 |
Source: Ownwell
Property Tax Bills Across Lake City, Carroll County, Iowa
In Lake City, Carroll County, IA, property tax bills are determined by assessing the market value of a home and applying the local tax rate to this assessed value. The assessed value is a percentage of the market value, which is then multiplied by the local tax rate to calculate the annual tax bill. For example, with a median home price of $172,810, homeowners can expect varying tax bills depending on specific factors. The 25th percentile tax bill in Lake City is $872, while the 75th percentile tax bill reaches $2,416. At the 90th percentile, homeowners might see a tax bill as high as $3,608. The highest median tax bill in the region is $1,736, found in the 51449 zip code. These variances are influenced by factors such as property location, improvements, and local tax levies. Understanding these elements helps homeowners anticipate their financial obligations and plan accordingly. Compared to the national median property tax rate of 0.99%, Lake City's tax rates reflect local economic conditions and priorities.
Average Lake City Tax Bill
$1,736
Average Carroll County Tax Bill
$1,746
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake City, Carroll County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51449 | $460 | $872 | $1,736 | $2,416 | $3,608 |
Source: Ownwell