Lanesboro, Carroll County, Iowa Property Taxes
The median property tax rate in Lanesboro, IA is 0.68%, significantly lower than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Lanesboro, the typical annual property tax bill amounts to $228, well below the national median of $2,690. Property taxes in Lanesboro are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural use. Understanding Lanesboro's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lanesboro or another part of Carroll County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lanesboro, Carroll County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$227
$211
Ownwell’s Lanesboro Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Lanesboro. By simply entering your property's estimated assessed value, the calculator utilizes the median tax rate in Lanesboro to provide an accurate estimate of your property tax bill. This helps you gain a clear understanding of your potential tax liabilities. Additionally, if you’re interested in exploring trends on a neighborhood level, you can find more localized information below. Remember, your property’s assessed value is determined by the county for tax purposes and takes into account any applicable exemptions.
Property Tax Rates Across Lanesboro, Carroll County, Iowa
Property taxes in Lanesboro, Iowa, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lanesboro is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Lanesboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lanesboro 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 Lanesboro's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 51451 has the same median property tax rate of 0.68%. Understanding how these cities compare with Lanesboro 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 Lanesboro Tax Rate
0.68%
Average Carroll County Tax Rate
1.15%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lanesboro, Carroll County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51451 | 0.32% | 0.49% | 0.68% | 1.06% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Lanesboro, Carroll County, Iowa
In Lanesboro, 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 Lanesboro, 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 Lanesboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lanesboro is $33,445, with tax bills ranging from $100 at the 25th percentile to $630 at the 90th percentile. The zip code 51451 has both the highest and lowest median tax bill at $228.
Property Tax Assessment Values Across Lanesboro, Carroll County, Iowa
Source: Ownwell
$33,445
$121,328
$209,210
Average Lanesboro Assessed Value
$33,445
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 Lanesboro, Carroll County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51451 | $4,250 | $14,608 | $33,445 | $52,688 | $70,005 |
Source: Ownwell
Property Tax Bills Across Lanesboro, Carroll County, Iowa
In Lanesboro, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the county assessor and reflects a percentage of the property's market value. Various factors such as property size, location, and market conditions are considered during assessment. Homeowners in Lanesboro can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $100, while the 75th percentile tax bill is about $360. Those at the higher end of the spectrum, in the 90th percentile, may see tax bills as high as $630. Comparatively, the median property tax rate in Lanesboro is aligned with the county's highest and lowest median tax bill, both at $228, which is below the national median property tax rate of 0.99%. This relatively lower tax rate can be beneficial for homeowners, making Lanesboro an attractive place to own property.
Average Lanesboro Tax Bill
$228
Average Carroll County Tax Bill
$1,746
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Lanesboro, Carroll County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51451 | $20 | $100 | $228 | $360 | $630 |
Source: Ownwell