Lone Rock, Iowa Property Taxes
The median property tax rate in Lone Rock, IA is 1.33%, higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Lone Rock, the typical annual property tax bill reaches $966, which is considerably lower than the national median of $2,690. Property taxes in Lone Rock 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 Lone Rock'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 Lone Rock or another part of Kossuth County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lone Rock, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.33%
Estimate Property Tax Bill
$866
Ownwell’s Lone Rock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lone Rock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lone Rock 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 Lone Rock, Iowa
Property taxes in Lone Rock, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lone Rock is 1.33%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Lone Rock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lone Rock 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 Lone Rock's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50559 zip code has the highest median property tax rate of 1.33%, while the 50559 zip code has the lowest median tax rate of 1.33%. Understanding how these cities compare with Lone Rock provides valuable insights into the varying tax landscape across Kossuth County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lone Rock Tax Rate
1.33%
Average Kossuth County Tax Rate
1.63%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lone Rock, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50559 | 0.81% | 1.01% | 1.33% | 1.80% | 3.15% |
Source: Ownwell
Property Tax Assessment Values Across Lone Rock, Iowa
In Lone Rock, 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 Kossuth 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 Lone Rock, 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 Lone Rock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills both stand at $966 in the zip code 50559, highlighting the uniformity in tax assessments within the area.
Average Lone Rock Assessed Value
$65,130
Average Kossuth County Assessed Value
$85,990
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lone Rock, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50559 | $15,110 | $35,556 | $65,130 | $95,935 | $170,132 |
Source: Ownwell
Property Tax Bills Across Lone Rock, Iowa
In Lone Rock, IA, property tax bills are determined by the assessed value of the property and the local tax rate set by Kossuth County. The assessed value is a percentage of the market value, which is determined by the county assessor. Factors such as property size, location, and improvements can influence this assessed value. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Lone Rock, the median home price is $65,130, with property tax bills ranging from $480 at the 25th percentile to $2,604 at the 90th percentile. The highest and lowest median tax bills in the area are both $966. Compared to the national median property tax rate of 0.99%, Lone Rock's property tax rates can be seen as moderate, impacting homeowners by varying amounts based on their property's assessed value. This system ensures that property taxes reflect the property's market value and the homeowner's ability to pay.
Average Lone Rock Tax Bill
$966
Average Kossuth County Tax Bill
$1,460
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Lone Rock, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50559 | $214 | $480 | $966 | $1,576 | $2,604 |
Source: Ownwell