Lacona, Lucas County, Iowa Property Taxes
The median property tax rate in Lacona, IA is 1.46%, which is notably higher than the national median of 0.99% but slightly lower than the Iowa state median of 1.54%. With a median home value of $155,645 in Lacona, the typical annual property tax bill amounts to $2,308, which is below the national median of $2,690. Property taxes in Lacona are calculated based on the assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Lacona'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 Lacona 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
Lacona, Lucas County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.46%
Estimate Property Tax Bill
$2,272
$2,109
Ownwell’s Lacona Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lacona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lacona 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 Lacona, Lucas County, Iowa
Property taxes in Lacona, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lacona is 1.46%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Lacona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lacona 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 Lacona's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50139 zip code has the highest median property tax rate of 1.46%, while the same zip code also has the lowest median tax rate of 1.46%. Understanding how these cities compare with Lacona provides valuable insights into the varying tax landscape across Lucas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lacona Tax Rate
1.46%
Average Lucas County Tax Rate
1.47%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lacona, Lucas County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50139 | 0.91% | 1.10% | 1.46% | 1.62% | 1.81% |
Source: Ownwell
Property Tax Assessment Values Across Lacona, Lucas County, Iowa
In Lacona, 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 Lucas 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. In Lacona, 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 Lacona helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Lacona's property tax bills show variation, with the median home price at $155,645. The 25th percentile tax bill is $1,510, while the 75th percentile reaches $3,010, and the 90th percentile stands at $3,695. The highest and lowest median tax bills are both in the 50139 zip code, at $2,308.
Property Tax Assessment Values Across Lacona, Lucas County, Iowa
Source: Ownwell
$10,046
$88,510
$166,974
Average Lacona Assessed Value
$155,645
Average Lucas County Assessed Value
$94,795
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lacona, Lucas County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50139 | $62,730 | $101,876 | $155,645 | $201,528 | $259,222 |
Source: Ownwell
Property Tax Bills Across Lacona, Lucas County, Iowa
In Lacona, located in Lucas County, IA, property tax bills are calculated based on the assessed value of a home rather than its market value. The local tax rate is then applied to this assessed value to determine the tax bill. For instance, the median home price in Lacona is $155,645. Homeowners in the 25th percentile can expect a tax bill around $1,510, while those in the 75th percentile might see a bill closer to $3,010. At the 90th percentile, the tax bill can reach up to $3,695. Several factors influence the final tax bill, including property improvements, neighborhood developments, and changes in local government budgets. These taxes fund essential public services like schools, emergency services, and infrastructure, directly impacting the quality of life for residents. With the national median property tax rate at 0.99%, Lacona's rates can be seen as relatively moderate, offering a balanced approach to funding community needs without overly burdening homeowners.
Average Lacona Tax Bill
$2,308
Average Lucas County Tax Bill
$1,460
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Lacona, Lucas County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50139 | $726 | $1,510 | $2,308 | $3,010 | $3,695 |
Source: Ownwell