Laurel, Iowa Property Taxes
The median property tax rate in Laurel, IA is 1.14%, which is higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Laurel at $205,305, the typical annual property tax bill reaches $2,343, slightly below the national median of $2,690. Property taxes in Laurel are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Laurel'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 Laurel 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
Laurel, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$2,340
Ownwell’s Laurel Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Laurel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Laurel 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 Laurel, Iowa
Property taxes in Laurel, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Laurel is 1.14%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Laurel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laurel 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 Laurel's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50141 zip code has the highest median property tax rate of 1.14%, while the 50141 zip code also has the lowest median tax rate of 1.14%. Understanding how these cities compare with Laurel provides valuable insights into the varying tax landscape across Jasper County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Laurel Tax Rate
1.14%
Average Jasper County Tax Rate
1.61%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laurel, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50141 | 1.04% | 1.07% | 1.14% | 1.21% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Laurel, Iowa
In Laurel, 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 Jasper 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 Laurel, 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 Laurel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 50141, with a median tax bill of $2,343, which is above the national median property tax rate of 0.99%.
Average Laurel Assessed Value
$205,305
Average Jasper County Assessed Value
$166,390
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Laurel, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50141 | $121,199 | $145,082 | $205,305 | $274,525 | $324,842 |
Source: Ownwell
Property Tax Bills Across Laurel, Iowa
In Laurel, Jasper County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. Homeowners can expect a median property tax rate of 1.14%, which is higher than the national median of 0.99%. The tax bill is derived by multiplying the assessed value of the property by the local tax rate. For instance, with a median home price of $205,305, the property tax bill can range significantly. At the 25th percentile, homeowners might pay around $1,662, while those at the 75th percentile could see bills as high as $3,098. The 90th percentile tax bill reaches up to $3,743. The highest median tax bill in the area is $2,343, found in the 50141 zip code. These variations can have a substantial impact on homeowners, influencing their overall cost of living and potentially affecting their decisions regarding property investments. Understanding these factors is crucial for homeowners to manage their financial planning effectively.
Average Laurel Tax Bill
$2,343
Average Jasper County Tax Bill
$2,548
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Laurel, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50141 | $1,385 | $1,662 | $2,343 | $3,098 | $3,743 |
Source: Ownwell