Liscomb, Iowa Property Taxes
The median property tax rate in Liscomb, IA is 0.85%, which is lower than both the national median of 0.99% and the Iowa state median of 1.54%. With a median home value of $234,730 in Liscomb, the typical annual property tax bill is approximately $1,986, significantly below the national median of $2,690. Property taxes in Liscomb are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Liscomb'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 Liscomb or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Liscomb, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$1,995
Ownwell’s LISCOMB Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LISCOMB with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LISCOMB 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 Liscomb, Iowa
Property taxes in Liscomb, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Liscomb is 1.25%, significantly higher than both the Iowa state median of 1.53% and the U.S. national median of 0.99%. Local government entities within Liscomb set these rates annually, and they can vary significantly across different neighborhoods. Each year, Liscomb 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 Liscomb's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50148 zip code has the highest median property tax rate of 1.25%, while the 50148 zip code has the lowest median tax rate of 1.25%. Understanding how these cities compare with Liscomb provides valuable insights into the varying tax landscape across Marshall, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Liscomb Tax Rate
0.85%
Average Grundy County Tax Rate
1.29%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Liscomb, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50148 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Liscomb, Iowa
In Liscomb, 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 Grundy County Appraisal District 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 Liscomb, 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 Liscomb helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Interestingly, the zip code with both the highest and lowest median tax bill in Liscomb is 50148, with a median tax bill of $1,986. This uniformity underscores the importance of understanding local tax regulations and available exemptions to ensure fair property tax assessments.
Average Liscomb Assessed Value
$234,730
Average Grundy County Assessed Value
$168,355
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Liscomb, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50148 | $234,730 | $234,730 | $234,730 | $234,730 | $234,730 |
Source: Ownwell
Property Tax Bills Across Liscomb, Iowa
In Liscomb, located in Grundy County, IA, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the local assessor's office and reflects the property's market value. Homeowners in Liscomb face a median property tax bill of $1,986, which is notably higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including property size, location, and any improvements made to the property. Additionally, local government budgets and school district funding needs play significant roles in determining the tax rate. For example, a home with a median market value of $234,730 can expect a tax bill around the 25th, 75th, and even 90th percentiles to be $1,986, indicating a consistent tax rate across different property values. This higher-than-average tax bill can impact homeowners by increasing their overall cost of living, making budgeting for other expenses more challenging. However, these taxes also contribute to essential local services, such as public education and infrastructure, which can enhance the community's overall quality of life.
Average Liscomb Tax Bill
$1,986
Average Grundy County Tax Bill
$2,137
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Liscomb, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50148 | $1,986 | $1,986 | $1,986 | $1,986 | $1,986 |
Source: Ownwell