Russell, Lucas County, Iowa Property Taxes
The median property tax rate in Russell, IA is 1.28%, considerably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Russell at $95,199, the typical annual property tax bill reaches $1,112, which is below the national median of $2,690. Property taxes in Russell 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 Russell'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 Russell 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
Russell, Lucas County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.28%
Estimate Property Tax Bill
$1,219
$1,131
Ownwell’s Russell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Russell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Russell 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 Russell, Lucas County, Iowa
Property taxes in Russell, Iowa, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Russell is 1.28%, significantly higher than the U.S. national median of 0.99%. Local government entities within Russell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Russell 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 Russell's effective property tax rate to other areas in Lucas County and the national median. For comparison, the zip code 50238 has the highest median property tax rate of 1.28%, while the same zip code also has the lowest median tax rate of 1.28%. Understanding how these areas compare with Russell 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 Russell Tax Rate
1.28%
Average Lucas County Tax Rate
1.47%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Russell, Lucas County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50238 | 0.58% | 0.98% | 1.28% | 1.62% | 1.95% |
Source: Ownwell
Property Tax Assessment Values Across Russell, Lucas County, Iowa
In Russell, 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 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 Russell, 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 Russell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 50238, with a median tax bill of $1,112.
Property Tax Assessment Values Across Russell, Lucas County, Iowa
Source: Ownwell
$10,046
$88,510
$166,974
Average Russell Assessed Value
$95,199
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 Russell, Lucas County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50238 | $9,270 | $45,269 | $95,199 | $151,724 | $215,462 |
Source: Ownwell
Property Tax Bills Across Russell, Lucas County, Iowa
In Russell, located in Lucas County, IA, property tax bills are calculated based on the assessed value of the home, which is determined by the local tax assessor. The median home price in Russell is $95,199. Property taxes are influenced by various factors including the property’s assessed value, local tax rates, and any applicable exemptions or deductions. For homeowners, this means that a higher assessed value or higher local tax rate will result in a higher property tax bill. For example, the 25th percentile tax bill in Russell is $398, while the 75th percentile reaches $2,103, and the 90th percentile can go up to $3,110. These figures illustrate the range of tax burdens homeowners might face, depending on their property's assessed value and specific circumstances. When compared to the national median property tax rate of 0.99%, Russell residents experience a varying tax burden, reflecting the local economic conditions and property values. Understanding these factors is crucial for homeowners to anticipate their property tax obligations and budget accordingly.
Average Russell Tax Bill
$1,112
Average Lucas County Tax Bill
$1,460
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Russell, Lucas County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50238 | $118 | $398 | $1,112 | $2,103 | $3,110 |
Source: Ownwell