Luxemburg, Iowa Property Taxes
The median property tax rate in Luxemburg, IA is 1.11%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $180,400 in Luxemburg, the typical annual property tax bill is $1,930, falling below the national median of $2,690. Property taxes in Luxemburg are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Luxemburg'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 Luxemburg or another part of Dubuque County, understanding the local property tax system benefits both homeowners and real estate investors.
Last Updated June 14, 2024
Luxemburg, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,002
Ownwell’s Luxemburg Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Luxemburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Luxemburg to provide an estimated 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 Luxemburg, Iowa
Property taxes in Luxemburg, Iowa, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Luxemburg is 1.11%, which is higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Luxemburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Luxemburg 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 Luxemburg's effective property tax rate to other areas in Iowa and the national median. For comparison, the 52056 zip code has the highest median property tax rate of 1.11%, while the same zip code also has the lowest median tax rate of 1.11%. Understanding how these areas compare with Luxemburg provides valuable insights into the varying tax landscape across Dubuque County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Luxemburg Tax Rate
1.11%
Average Dubuque County Tax Rate
1.29%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Luxemburg, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52056 | 0.97% | 1.04% | 1.11% | 1.17% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Luxemburg, Iowa
In Luxemburg, 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 Dubuque 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 Luxemburg, 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 Luxemburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills are both $1,930 in the 52056 zip code.
Average Luxemburg Assessed Value
$180,400
Average Dubuque County Assessed Value
$216,801
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Luxemburg, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52056 | $90,100 | $132,800 | $180,400 | $215,600 | $289,100 |
Source: Ownwell
Property Tax Bills Across Luxemburg, Iowa
In Luxemburg, located in Dubuque County, IA, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Luxemburg can expect their tax bill to vary significantly depending on the assessed value of their property and the local tax rate. For example, the median home price in Luxemburg is $180,400, and property tax bills can range from $1,570 at the 25th percentile to $3,281 at the 90th percentile. The median property tax bill stands at $1,930, which is relatively high compared to the national median property tax rate of 0.99%. These tax bills contribute to funding essential public services such as schools, infrastructure, and emergency services. Homeowners must be aware of these factors as they can significantly impact their annual financial planning. Understanding how property taxes are calculated can help homeowners anticipate their tax obligations and manage their budgets more effectively.
Average Luxemburg Tax Bill
$1,930
Average Dubuque County Tax Bill
$2,714
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Luxemburg, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52056 | $1,164 | $1,570 | $1,930 | $2,424 | $3,281 |
Source: Ownwell