Laurel, Marshall County, Iowa Property Taxes
The median property tax rate in Laurel, IA is 1.17%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $113,950 in Laurel, the typical annual property tax bill is around $1,400, falling below the national median of $2,690. Property taxes in Laurel are determined based on the assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. By understanding Laurel's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you're in the heart of Laurel or another part of Marshall County, gaining insight into the local property tax system is essential for financial planning and investment strategies.
Last Updated June 14, 2024
Laurel, Marshall County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$1,333
$1,237
Ownwell’s Laurel Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Laurel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Laurel 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 Laurel, Marshall County, Iowa
Property taxes in Laurel, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Laurel is 1.17%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Laurel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laurel 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 Laurel's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50141 zip code has the highest median property tax rate of 1.17%, while the same zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Laurel provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Laurel Tax Rate
1.17%
Average Marshall County Tax Rate
1.58%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laurel, Marshall County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50141 | 0.73% | 0.96% | 1.17% | 1.38% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across Laurel, Marshall County, Iowa
In Laurel, 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 Marshall 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 Laurel, 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 Laurel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 50141 in Laurel has both the highest and lowest median tax bill, standing at $1,400.
Property Tax Assessment Values Across Laurel, Marshall County, Iowa
Source: Ownwell
$31,865
$126,573
$221,280
Average Laurel Assessed Value
$113,950
Average Marshall County Assessed Value
$128,210
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Laurel, Marshall County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50141 | $51,974 | $75,980 | $113,950 | $199,780 | $252,462 |
Source: Ownwell
Property Tax Bills Across Laurel, Marshall County, Iowa
In Laurel, located in Marshall County, IA, property tax bills are determined by a combination of the assessed value of the home and the local tax rate. The assessed value is typically a percentage of the market value of the property. For example, the median home price in Laurel is $113,950. This value is then multiplied by the local tax rate to calculate the tax bill. Homeowners in Laurel can expect property tax bills ranging from the 25th percentile at $828 to the 90th percentile at $2,794. Factors influencing the tax bill include the home's assessed value, local tax rates, and any applicable exemptions or deductions. In comparison to the national median property tax rate of 0.99%, the property tax burden in Laurel can significantly impact homeowners' finances. Understanding these factors helps homeowners plan their budgets and anticipate changes in their tax liabilities.
Average Laurel Tax Bill
$1,400
Average Marshall County Tax Bill
$1,909
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Laurel, Marshall County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50141 | $560 | $828 | $1,400 | $2,146 | $2,794 |
Source: Ownwell