Lake Mills, Iowa Property Taxes
The median property tax rate in Lake Mills, IA is 1.39%, which is significantly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Lake Mills at $137,910, the typical annual property tax bill amounts to $1,889, which is below the national median of $2,690. Property taxes in Lake Mills are calculated based on the tax assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Gaining a thorough understanding of Lake Mills' property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Lake Mills or another part of Winnebago County, being well-versed in the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Lake Mills, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.39%
Estimate Property Tax Bill
$1,917
Ownwell’s Lake Mills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Mills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Mills 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 Lake Mills, Iowa
Property taxes in Lake Mills, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Mills is 1.39%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Lake Mills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Mills 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 Lake Mills' effective property tax rate to other counties in Iowa and the national median. For comparison, the 50450 zip code has the highest median property tax rate of 1.39%, while the same zip code also has the lowest median tax rate of 1.39%. Understanding how these cities compare with Lake Mills provides valuable insights into the varying tax landscape across Winnebago County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Mills Tax Rate
1.39%
Average Winnebago County Tax Rate
1.42%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Mills, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50450 | 0.94% | 1.15% | 1.39% | 1.51% | 1.64% |
Source: Ownwell
Property Tax Assessment Values Across Lake Mills, Iowa
In Lake Mills, 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 Winnebago 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 Lake Mills, 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 Lake Mills helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1889.00, found in the zip code 50450.
Average Lake Mills Assessed Value
$137,910
Average Winnebago County Assessed Value
$124,390
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Mills, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50450 | $64,062 | $93,720 | $137,910 | $206,350 | $297,298 |
Source: Ownwell
Property Tax Bills Across Lake Mills, Iowa
In Lake Mills, located in Winnebago County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Lake Mills, the median home price is $137,910. The tax bill varies widely, with the 25th percentile at $1,274 and the 75th percentile at $2,768, indicating a significant range in property tax obligations depending on property values and potential exemptions. Factors that influence the property tax bill include the assessed value of the home, any applicable exemptions, and the specific tax rate set by local taxing authorities. The highest median tax bill in the area is $1,889, which aligns with the national median property tax rate of 0.99%. Homeowners in Lake Mills need to be aware of these factors as they directly affect their annual financial obligations, potentially impacting decisions on home ownership and budgeting.
Average Lake Mills Tax Bill
$1,889
Average Winnebago County Tax Bill
$1,770
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Mills, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50450 | $782 | $1,274 | $1,889 | $2,768 | $3,858 |
Source: Ownwell