Lynnville, Iowa Property Taxes
The median property tax rate in Lynnville, IA is 0.96%, slightly below the national median of 0.99% and significantly lower than the Iowa state median of 1.54%. With a median home value of $179,940 in Lynnville, the typical annual property tax bill amounts to $1,680, which is well below the national median of $2,690. Property taxes in Lynnville are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lynnville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lynnville or another part of Poweshiek County, comprehending 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
0.96%
Estimate Property Tax Bill
$1,727
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 0.96%, slightly below 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 zip code 50153 has the highest median property tax rate of 0.96%, while the same zip code also has the lowest median tax rate of 0.96%. Understanding how these areas compare with Lynnville provides valuable insights into the varying tax landscape across Poweshiek County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lynnville Tax Rate
0.96%
Average Poweshiek County Tax Rate
1.29%
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 | 0.93% | 0.93% | 0.96% | 1.03% | 1.20% |
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 Poweshiek 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. The median home price in Lynnville is $179,940, with tax bills ranging from $1,186 at the 25th percentile to $2,468 at the 90th percentile. The zip code with the highest and lowest median tax bill is 50153, both at $1,680. 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 Lynnville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lynnville Assessed Value
$179,940
Average Poweshiek County Assessed Value
$172,525
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 | $83,200 | $124,310 | $179,940 | $190,685 | $240,104 |
Source: Ownwell
Property Tax Bills Across Lynnville, Iowa
Property tax bills in Lynnville, located in Poweshiek County, IA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Lynnville can expect tax bills to vary significantly, with the 25th percentile paying around $1,186 and the 75th percentile paying approximately $1,797. At the higher end, the 90th percentile of homeowners face tax bills up to $2,468. Factors influencing these tax bills include the property's assessed value, any applicable exemptions, and the local tax rate. The median home price in Lynnville is $179,940, and the property tax rate in Poweshiek County is relatively close to the national median of 0.99%. For homeowners, these property taxes contribute to essential local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Understanding these elements can help homeowners better anticipate their annual property tax obligations.
Average Lynnville Tax Bill
$1,680
Average Poweshiek County Tax Bill
$2,264
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 | $822 | $1,186 | $1,680 | $1,797 | $2,468 |
Source: Ownwell