Lacona, Iowa Property Taxes
The median property tax rate in Lacona, IA is 1.03%, slightly higher than the national median of 0.99% but lower than Iowa's state median of 1.54%. With a median home value of $130,100 in Lacona, the typical annual property tax bill amounts to $1,558, which is below the national median of $2,690. Property taxes in Lacona are determined based on the assessed value, which often comes in lower than the market value due to exemptions such as those for primary residences and agricultural properties. Navigating Lacona's property tax system, exploring available exemptions, and seeking opportunities for reductions can result in substantial annual savings. Whether you reside in Lacona or another area within Warren County, understanding the local property tax landscape is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Lacona, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$1,340
Ownwell’s Lacona Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lacona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lacona 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 Lacona, Iowa
Property taxes in Lacona, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lacona is 1.03%, higher than the U.S. national median of 0.99%. Local government entities within Lacona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lacona 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 Lacona's effective property tax rate to other areas in Iowa and the national median. For comparison, the 50139 zip code has both the highest and lowest median property tax rate of 1.03%. Understanding how these areas compare with Lacona provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lacona Tax Rate
1.03%
Average Warren County Tax Rate
1.57%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lacona, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50139 | 0.86% | 0.93% | 1.03% | 1.51% | 1.75% |
Source: Ownwell
Property Tax Assessment Values Across Lacona, Iowa
In Lacona, 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 Warren 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 Lacona, 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 Lacona helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Lacona, the median home price is $130,100. The 25th percentile tax bill is $914, while the 75th percentile tax bill is $2,416. The highest median tax bill in the area is $1,558, found in the 50139 zip code, which is also the lowest median tax bill recorded.
Average Lacona Assessed Value
$130,100
Average Warren County Assessed Value
$233,350
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lacona, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50139 | $18,560 | $59,600 | $130,100 | $237,000 | $357,980 |
Source: Ownwell
Property Tax Bills Across Lacona, Iowa
In Lacona, located in Warren County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $130,100, homeowners can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $914, while those at the 75th percentile pay approximately $2,416. High-value properties can see tax bills reaching up to $3,270 at the 90th percentile. Several factors influence these variations, including property location, home improvements, and changes in local tax rates. For homeowners, understanding these factors is crucial as they directly impact the annual financial burden. Compared to the national median property tax rate of 0.99%, Lacona's rates reflect the unique economic and administrative conditions of Warren County. This variability underscores the importance of being informed about local tax assessments and potential appeals.
Average Lacona Tax Bill
$1,558
Average Warren County Tax Bill
$3,534
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Lacona, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50139 | $385 | $914 | $1,558 | $2,416 | $3,270 |
Source: Ownwell