Libertyville, Iowa Property Taxes
The median property tax rate in Libertyville, IA is 1.13%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Libertyville at $114,500, the typical annual property tax bill amounts to $1,316, surpassing the national median of $2,690. Property taxes in Libertyville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Libertyville'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 Libertyville or another part of Van Buren County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Libertyville, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$1,294
Ownwell’s Libertyville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Libertyville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Libertyville 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 Libertyville, Iowa
Property taxes in Libertyville, Iowa, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Libertyville is 1.13%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Libertyville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Libertyville 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 Libertyville's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52567 zip code has the highest median property tax rate of 1.13%, while the 52567 zip code also has the lowest median tax rate of 1.13%. Understanding how these cities compare with Libertyville provides valuable insights into the varying tax landscape across Van Buren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Libertyville Tax Rate
1.13%
Average Van Buren County Tax Rate
1.04%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Libertyville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52567 | 0.94% | 0.98% | 1.13% | 1.21% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Libertyville, Iowa
In Libertyville, 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 Van Buren 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 Libertyville, 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 Libertyville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1316 in zip code 52567, while the lowest is also $1316 in the same zip code.
Average Libertyville Assessed Value
$114,500
Average Van Buren County Assessed Value
$93,400
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Libertyville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52567 | $51,265 | $70,575 | $114,500 | $179,318 | $192,745 |
Source: Ownwell
Property Tax Bills Across Libertyville, Iowa
In Libertyville, located in Van Buren County, IA, property tax bills 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 home. For instance, with a median home price of $114,500, the property tax is applied to this value to determine the tax bill. Several factors influence the final tax bill, including the property’s size, location, and any applicable exemptions or deductions. Homeowners in Libertyville can expect their property tax bills to vary significantly. For example, tax bills at the 25th percentile are around $782, while those at the 75th percentile reach up to $1,808. At the 90th percentile, tax bills can go as high as $2,136. These property taxes directly impact homeowners, affecting their annual budgets and the overall cost of owning a home. By understanding how these factors interplay, residents can better anticipate their financial obligations and plan accordingly.
Average Libertyville Tax Bill
$1,316
Average Van Buren County Tax Bill
$987
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Libertyville, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52567 | $634 | $782 | $1,316 | $1,808 | $2,136 |
Source: Ownwell