Le Grand, Marshall County, Iowa Property Taxes
The median property tax rate in Le Grand, IA is 1.43%, which is 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 Le Grand at $130,590, the typical annual property tax bill reaches $1,860, falling below the national median of $2,690. Property taxes in Le Grand 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 Le Grand'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 Le Grand 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
Le Grand, Marshall County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.43%
Estimate Property Tax Bill
$1,867
$1,733
Ownwell’s Le Grand Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Le Grand with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Le Grand 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 Le Grand, Marshall County, Iowa
Property taxes in Le Grand, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Le Grand is 1.43%, significantly higher than the U.S. national median of 0.99%. Local government entities within Le Grand set these rates annually, and they can vary significantly across different neighborhoods. Each year, Le Grand 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 Le Grand's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50142 zip code has both the highest and lowest median property tax rate of 1.43%. Understanding how these cities compare with Le Grand 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 Le Grand Tax Rate
1.43%
Average Marshall County Tax Rate
1.58%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Le Grand, Marshall County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50142 | 1.18% | 1.36% | 1.43% | 1.52% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Le Grand, Marshall County, Iowa
In Le Grand, 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 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 Le Grand, 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. For instance, the highest median tax bill in Le Grand is $1,860 in zip code 50142. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Le Grand, Marshall County, Iowa
Source: Ownwell
$31,865
$126,573
$221,280
Average Le Grand Assessed Value
$130,590
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 Le Grand, Marshall County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50142 | $81,530 | $109,710 | $130,590 | $163,730 | $220,550 |
Source: Ownwell
Property Tax Bills Across Le Grand, Marshall County, Iowa
In Le Grand, IA, located in Marshall County, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value typically reflects a percentage of the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For homeowners in Le Grand, the tax burden can vary significantly. The median home price in the area is $130,590, and the property tax rate is applied to this value to determine the tax bill. At the 25th percentile, homeowners might expect a tax bill around $1,501, while those at the 75th percentile could see bills as high as $2,367. For the top 10% of properties, tax bills can reach up to $3,255. These taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life and community development. Homeowners must budget for these taxes, as they constitute a significant annual expense.
Average Le Grand Tax Bill
$1,860
Average Marshall County Tax Bill
$1,909
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Le Grand, Marshall County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50142 | $986 | $1,501 | $1,860 | $2,367 | $3,255 |
Source: Ownwell