Lorimor, Madison County, Iowa Property Taxes
The median property tax rate in Lorimor, IA is 1.27%, noticeably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Lorimor, the typical annual property tax bill reaches $2,390, which is below the national median of $2,690. Property taxes in Lorimor are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lorimor'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 Lorimor 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
Lorimor, Madison County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.27%
Estimate Property Tax Bill
$2,579
$2,393
Ownwell’s LORIMOR Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LORIMOR with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LORIMOR 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 Lorimor, Madison County, Iowa
Property taxes in Lorimor, Iowa, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Lorimor is 1.18%, which is higher than the Iowa state median of 1.53% and the U.S. national median of 0.99%. Local government entities within Lorimor set these rates annually, and they can vary across different neighborhoods. Each year, Lorimor 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 Lorimor's effective property tax rate to other counties in Iowa and the national median. For comparison, zip code 50149 has the highest median property tax rate of 1.27%, while zip code 50149 also has the lowest median tax rate of 1.27%. Understanding how these cities compare with Lorimor provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lorimor Tax Rate
1.27%
Average Madison County Tax Rate
1.44%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lorimor, Madison County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50149 | 1.07% | 1.15% | 1.27% | 1.33% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Lorimor, Madison County, Iowa
In Lorimor, 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 Madison 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 Lorimor, 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. For example, the median home price in Lorimor is $203,050, with tax bills ranging from $1,668 at the 25th percentile to $4,660 at the 90th percentile. The highest and lowest median tax bills are both $2,390 in zip code 50149. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Lorimor, Madison County, Iowa
Source: Ownwell
$27,000
$230,650
$434,300
Average Lorimor Assessed Value
$203,050
Average Madison County Assessed Value
$216,500
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lorimor, Madison County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50149 | $75,510 | $128,000 | $203,050 | $292,775 | $376,240 |
Source: Ownwell
Property Tax Bills Across Lorimor, Madison County, Iowa
In LORIMOR, property tax bills are calculated based on the assessed value of a home, which is different from its market value. The assessed value is determined by the local assessor's office and reflects a percentage of the market value. Various factors are considered, including the property's location, size, and condition. Homeowners in LORIMOR, located in Madison County, typically see tax bills ranging from $1,668 at the 25th percentile to $4,660 at the 90th percentile. The median home price in the area is around $203,050. Property tax rates in LORIMOR are influenced by local government budgets and the need to fund public services such as schools, infrastructure, and emergency services. The impact on homeowners can be significant, with higher-valued homes facing larger tax bills. Compared to the national median property tax rate of 0.99%, LORIMOR's rates may vary, affecting the overall affordability of housing in the area. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Lorimor Tax Bill
$2,390
Average Madison County Tax Bill
$3,138
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Lorimor, Madison County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50149 | $800 | $1,668 | $2,390 | $3,628 | $4,660 |
Source: Ownwell