Lynnville, Jasper County, Iowa Property Taxes
The median property tax rate in Lynnville, IA, is 1.10%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Lynnville at $181,910, the typical annual property tax bill amounts to $2,001, falling below the national median of $2,690. Property taxes in Lynnville are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Lynnville'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 Lynnville 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
Lynnville, Jasper County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$2,001
$1,857
Ownwell’s Lynnville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lynnville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lynnville 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 Lynnville, Jasper County, Iowa
Property taxes in Lynnville, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lynnville is 1.10%, which is higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Lynnville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lynnville 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 Lynnville's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50153 zip code has the highest median property tax rate of 1.10%, while the same zip code also has the lowest median tax rate of 1.10%. Understanding how these cities compare with Lynnville 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 Lynnville Tax Rate
1.10%
Average Jasper County Tax Rate
1.61%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lynnville, Jasper County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50153 | 0.98% | 1.02% | 1.10% | 1.19% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across Lynnville, Jasper County, Iowa
In Lynnville, 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 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 Lynnville, 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 Lynnville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Lynnville, the highest median tax bill is $2,001 in zip code 50153, which is significantly higher than the national median property tax rate of 0.99%. The lowest median tax bill is also $2,001 in the same zip code.
Property Tax Assessment Values Across Lynnville, Jasper County, Iowa
Source: Ownwell
$87,620
$186,145
$284,670
Average Lynnville Assessed Value
$181,910
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 Lynnville, Jasper County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50153 | $64,992 | $120,870 | $181,910 | $279,020 | $363,730 |
Source: Ownwell
Property Tax Bills Across Lynnville, Jasper County, Iowa
In Lynnville, 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 compute the annual tax bill. The median home price in Lynnville is $181,910, and homeowners can expect a property tax bill that varies significantly depending on the assessed value of their property. For instance, those in the 25th percentile pay around $1,340 annually, while those in the 75th percentile face a bill of about $2,982. At the 90th percentile, the tax bill can climb to $3,977. Factors such as property size, location, and improvements can influence the assessed value, directly impacting the tax bill. Compared to the national median property tax rate of 0.99%, Lynnville's property tax rates can be seen as relatively moderate, providing a balanced approach to funding local services while affecting homeowners' finances. This system ensures that property taxes are equitably distributed based on property values, supporting community infrastructure and services.
Average Lynnville Tax Bill
$2,001
Average Jasper County Tax Bill
$2,548
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Lynnville, Jasper County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50153 | $640 | $1,340 | $2,001 | $2,982 | $3,977 |
Source: Ownwell