Lorimor, Union County, Iowa Property Taxes
The median property tax rate in Lorimor, IA is 1.75%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Lorimor, the typical annual property tax bill reaches $1,192, exceeding the national median of $2,690. Property taxes in Lorimor are calculated based on the tax assessed value, which typically 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, Union County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.75%
Estimate Property Tax Bill
$1,134
$1,052
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, Union County, Iowa
Property taxes in Lorimor, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lorimor is 1.75%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lorimor set these rates annually, and they can vary significantly 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 areas in Iowa and the national median. For comparison, the 50149 zip code has both the highest and lowest median property tax rate of 1.75%. Understanding how these areas compare with Lorimor provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lorimor Tax Rate
1.75%
Average Union County Tax Rate
1.84%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lorimor, Union County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50149 | 1.32% | 1.54% | 1.75% | 2.13% | 2.26% |
Source: Ownwell
Property Tax Assessment Values Across Lorimor, Union 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 Union 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. The median home price in LORIMOR is $64,780, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $714, while the 75th percentile tax bill is $2,196. The highest median tax bill recorded is $1,192 in the 50149 zip code, which is also the lowest median 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 LORIMOR helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Lorimor, Union County, Iowa
Source: Ownwell
$41,350
$107,285
$173,220
Average Lorimor Assessed Value
$64,780
Average Union County Assessed Value
$97,050
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lorimor, Union County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50149 | $22,330 | $37,605 | $64,780 | $128,255 | $197,760 |
Source: Ownwell
Property Tax Bills Across Lorimor, Union County, Iowa
In LORIMOR, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For context, the median home price in LORIMOR is $64,780. Homeowners in the 25th percentile of tax bills pay around $714 annually, while those in the 75th percentile pay approximately $2,196. The 90th percentile tax bill climbs to $3,154, indicating a significant range in tax burdens. Several factors influence these variations, including property size, location, and any applicable exemptions. High-value properties or those in desirable neighborhoods typically face higher tax bills. Comparing these figures to the national median property tax rate of 0.99%, LORIMOR's rates can be seen as relatively moderate. For homeowners, understanding these factors is crucial as property taxes directly impact their annual financial planning and long-term investment in their homes.
Average Lorimor Tax Bill
$1,192
Average Union County Tax Bill
$1,746
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Lorimor, Union County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50149 | $402 | $714 | $1,192 | $2,196 | $3,154 |
Source: Ownwell