Clear Lake, Iowa Property Taxes
The median property tax rate in Clear Lake, IA is 1.20%, which is considerably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Clear Lake at $275,490, the typical annual property tax bill reaches $3,077, exceeding the national median of $2,690. Property taxes in Clear 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 Clear 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 Clear 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
Clear Lake, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$3,306
Ownwell’s Clear Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Clear Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Clear 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 Clear Lake, Iowa
Property taxes in Clear Lake, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Clear Lake is 1.20%, higher than the U.S. national median of 0.99%. Local government entities within Clear Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clear 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 Clear Lake's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50428 zip code has the highest median property tax rate of 1.20%, while the 50428 zip code has the lowest median tax rate of 1.20%. Understanding how these cities compare with Clear Lake provides valuable insights into the varying tax landscape across Cerro Gordo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Clear Lake Tax Rate
1.20%
Average Cerro Gordo County Tax Rate
1.43%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clear Lake, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50428 | 0.88% | 1.03% | 1.20% | 1.27% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Clear Lake, Iowa
In Clear 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 Cerro Gordo 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 Clear 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. Being aware of these valuation processes in Clear Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Clear Lake is $3,077 in the zip code 50428, while the lowest median tax bill is also $3,077 in the same zip code.
Average Clear Lake Assessed Value
$275,490
Average Cerro Gordo County Assessed Value
$157,690
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Clear Lake, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50428 | $134,756 | $186,360 | $275,490 | $441,180 | $805,000 |
Source: Ownwell
Property Tax Bills Across Clear Lake, Iowa
In Clear Lake, located in Cerro Gordo County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Clear Lake is $275,490, and homeowners can expect varying tax bills depending on their property’s assessed value and the specific area within the city. Several factors influence the final tax bill, including property size, location, and any eligible exemptions. For instance, tax bills in the 25th percentile are around $1,986, while those in the 75th percentile are approximately $5,188. High-value properties can see tax bills reaching up to $9,102. The highest and lowest median tax bill in the area both stand at $3,077 in the 50428 zip code. These property taxes significantly impact homeowners, affecting their annual budgets and the overall cost of owning a home in Clear Lake.
Average Clear Lake Tax Bill
$3,077
Average Cerro Gordo County Tax Bill
$2,032
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Clear Lake, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50428 | $1,237 | $1,986 | $3,077 | $5,188 | $9,102 |
Source: Ownwell