Morning Sun, Louisa County, Iowa Property Taxes
The median property tax rate in Morning Sun, IA is 1.33%, which is higher than both the national median of 0.99% and the Iowa state median of 1.54%. With a median home value of $93,775 in Morning Sun, the typical annual property tax bill reaches $1,261, surpassing the national median of $2,690. Property taxes in Morning Sun are calculated based on the tax assessed value, which usually falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Morning Sun'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 Morning Sun 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
Morning Sun, Louisa County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.33%
Estimate Property Tax Bill
$1,247
$1,157
Ownwell’s Morning Sun Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morning Sun with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morning Sun 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 Morning Sun, Louisa County, Iowa
Property taxes in Morning Sun, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morning Sun is 1.33%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Morning Sun set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morning Sun 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 Morning Sun's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 52640 has the highest median property tax rate of 1.33%, while the same zip code also has the lowest median tax rate of 1.33%. Understanding how these cities compare with Morning Sun provides valuable insights into the varying tax landscape across Louisa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morning Sun Tax Rate
1.33%
Average Louisa County Tax Rate
1.21%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morning Sun, Louisa County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52640 | 0.99% | 1.13% | 1.33% | 1.49% | 1.64% |
Source: Ownwell
Property Tax Assessment Values Across Morning Sun, Louisa County, Iowa
In Morning Sun, 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 Louisa County Assessor's Office 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. Assessment notices in Morning Sun 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 Morning Sun helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $93,775, with the highest median tax bill being $1,261 in the 52640 zip code.
Property Tax Assessment Values Across Morning Sun, Louisa County, Iowa
Source: Ownwell
$59,040
$196,768
$334,495
Average Morning Sun Assessed Value
$93,775
Average Louisa County Assessed Value
$108,425
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morning Sun, Louisa County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52640 | $30,126 | $56,532 | $93,775 | $163,295 | $276,529 |
Source: Ownwell
Property Tax Bills Across Morning Sun, Louisa County, Iowa
In Morning Sun, property tax bills are calculated based on the assessed value of a home and the local property tax rate. The assessed value is determined by the local assessor and reflects the market value of the property. Homeowners in Morning Sun, Louisa County, typically see a median home price of $93,775. The property tax rate applied to this assessed value then determines the annual tax bill. Several factors influence the final tax bill, including changes in property values, local government budgets, and specific tax levies for schools, infrastructure, and public services. For instance, homeowners in the 25th percentile pay around $738 annually, while those in the 75th percentile face a tax bill of approximately $1,954. At the 90th percentile, the tax bill can rise to $2,965. These property taxes significantly impact homeowners by contributing to the overall cost of homeownership. While the median tax bill in Morning Sun is $1,261, this figure is higher than the national median property tax rate of 0.99%, indicating a relatively higher tax burden for residents.
Average Morning Sun Tax Bill
$1,261
Average Louisa County Tax Bill
$1,366
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Morning Sun, Louisa County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52640 | $368 | $738 | $1,261 | $1,954 | $2,965 |
Source: Ownwell