Lake Mills, Iowa Property Taxes
The median property tax rate in Lake Mills, IA is 0.82%, which is lower than both the national median of 0.99% and the Iowa state median of 1.54%. With a median home value of $221,427 in Lake Mills, the typical annual property tax bill is $1,668, significantly below the national median of $2,690. Property taxes in Lake Mills are determined based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding the property tax system in Lake Mills, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Lake Mills or another part of Worth County, being well-versed in the local property tax system will benefit 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
0.82%
Estimate Property Tax Bill
$1,816
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Mills is 1.28%, significantly higher than both the Iowa state median of 1.53% and the U.S. national median of 0.99%. Local government entities within Lake Mills set these rates annually, and they can vary considerably 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 1.28%, while the 50450 zip code also has the lowest median tax rate of 1.28%. Understanding how these cities compare with Lake Mills provides valuable insights into the varying tax landscape across Worth County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Mills Tax Rate
0.82%
Average Worth County Tax Rate
1.17%
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 | 0.64% | 0.71% | 0.82% | 0.96% | 1.17% |
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 Worth 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 Lake Mills both stand at $1,668 in the 50450 zip code.
Average Lake Mills Assessed Value
$221,427
Average Worth County Assessed Value
$133,156
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 | $86,382 | $141,194 | $221,427 | $266,721 | $334,618 |
Source: Ownwell
Property Tax Bills Across Lake Mills, Iowa
In Lake Mills, 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 tax bill. For homeowners in Lake Mills, the assessed value is a critical factor, as it directly influences the amount owed in property taxes. The median home price in Lake Mills is $221,427, and the property tax rates reflect this valuation. Homeowners typically see tax bills ranging from $1,184 at the 25th percentile to $2,861 at the 90th percentile, with a median tax bill of $1,668. This median tax bill is significantly lower than the national median property tax rate of 0.99%, which can make Lake Mills an attractive place for homeowners looking to manage their expenses. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Lake Mills Tax Bill
$1,668
Average Worth County Tax Bill
$1,502
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 | $898 | $1,184 | $1,668 | $2,222 | $2,861 |
Source: Ownwell