Lucas, Iowa Property Taxes
The median property tax rate in Lucas, IA is 1.73%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Lucas at $170,360, the typical annual property tax bill reaches $2,954, exceeding the national median of $2,690. Property taxes in Lucas 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 Lucas'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 Lucas 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
Lucas, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.73%
Estimate Property Tax Bill
$2,947
Ownwell’s Lucas Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lucas with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Lucas to provide an estimated property tax bill. This insightful tool aids in understanding potential tax liabilities, helping you make informed financial decisions. For those interested in trends at a neighborhood level, further localized information is available by scrolling down. Your property’s assessed value, determined by the county for tax purposes, includes any applicable exemptions, ensuring an accurate estimate.
Property Tax Rates Across Lucas, Iowa
Property taxes in Lucas, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lucas is 1.29%, significantly higher than both the Iowa state median of 1.53% and the U.S. national median of 0.99%. Local government entities within Lucas set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lucas 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 Lucas's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50151 zip code has the highest median property tax rate of 1.29%, while the 50151 zip code has the lowest median tax rate of 1.29%. Understanding how these cities compare with Lucas provides valuable insights into the varying tax landscape across Lucas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lucas Tax Rate
1.73%
Average Clarke County Tax Rate
1.89%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lucas, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50151 | 1.73% | 1.73% | 1.73% | 1.73% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Lucas, Iowa
In Lucas, 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 Clarke 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 Lucas, 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 Lucas helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Lucas are both $2,954, associated with the zip code 50151.
Average Lucas Assessed Value
$170,360
Average Clarke County Assessed Value
$115,600
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lucas, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50151 | $170,360 | $170,360 | $170,360 | $170,360 | $170,360 |
Source: Ownwell
Property Tax Bills Across Lucas, Iowa
In Lucas, IA, property tax bills are calculated based on the assessed value of your home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. For instance, if the median home price in Lucas is $170,360, the assessed value will be a fraction of this amount. The local tax rate is then applied to the assessed value to determine the annual property tax bill. In Lucas, the property tax bill for the 25th, 75th, and 90th percentiles is $2,954, indicating a consistent tax rate across different property values. This figure is significantly higher than the national median property tax rate of 0.99%. Homeowners in Lucas should be aware of these factors as they directly impact their annual financial planning. The uniformity in tax bills suggests a stable tax environment, but it also means that homeowners need to budget for these consistent expenses.
Average Lucas Tax Bill
$2,954
Average Clarke County Tax Bill
$2,187
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Lucas, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50151 | $2,954 | $2,954 | $2,954 | $2,954 | $2,954 |
Source: Ownwell