Lynnville, Iowa Property Taxes
The median property tax rate in Lynnville, IA is 1.14%, which is higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Lynnville at $207,165, the typical annual property tax bill reaches $2,305, which is below the national median of $2,690. Property taxes in Lynnville are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Lynnville'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 Lynnville 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
Lynnville, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$2,362
Ownwell’s Lynnville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lynnville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lynnville 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 Lynnville, Iowa
Property taxes in Lynnville, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lynnville is 1.14%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Lynnville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lynnville 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 Lynnville's effective property tax rate to other areas in Iowa and the national median. For comparison, the 50153 zip code has both the highest and lowest median property tax rate of 1.14%. Understanding how these cities compare with Lynnville provides valuable insights into the varying tax landscape across Mahaska County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lynnville Tax Rate
1.14%
Average Mahaska County Tax Rate
1.54%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lynnville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50153 | 0.99% | 1.11% | 1.14% | 1.37% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Lynnville, Iowa
In Lynnville, 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 Mahaska 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 Lynnville, 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. The zip code with the highest median tax bill is 50153 at $2,305, which is also the lowest. Being aware of these valuation processes in Lynnville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lynnville Assessed Value
$207,165
Average Mahaska County Assessed Value
$125,860
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lynnville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50153 | $138,888 | $165,382 | $207,165 | $263,450 | $429,959 |
Source: Ownwell
Property Tax Bills Across Lynnville, Iowa
In Lynnville, located in Mahaska County, IA, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is a percentage of the property's market value. Homeowners in Lynnville often see a range of property tax bills, with the 25th percentile at $2,108 and the 75th percentile at $2,868, indicating significant variability depending on property value and specific tax rates applied. Key factors influencing the tax bill include the assessed value, local tax rates, and any applicable exemptions or deductions. The highest median tax bill in the area is $2,305, which is slightly above the national median property tax rate of 0.99%. For homeowners, this means that property taxes can be a substantial annual expense, impacting overall housing affordability. Understanding these factors can help homeowners better anticipate their tax obligations and plan accordingly.
Average Lynnville Tax Bill
$2,305
Average Mahaska County Tax Bill
$1,886
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Lynnville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50153 | $1,805 | $2,108 | $2,305 | $2,868 | $4,914 |
Source: Ownwell