50140 Property Tax Rate

Property owners in ZIP code 50140 (Lamoni, Iowa) pay a median of $2,489/year in property taxes on homes valued at $120,300. This translates to an effective tax rate of 2.07%, which is 62% above the Iowa state average of 1.28%.

The monthly property tax burden for a median-valued home in 50140 is approximately $207, which factors into escrow payments on mortgages. This ZIP code is located within Decatur County. This is $424 more than the Iowa average of $2,065/year.

Compared to similar ZIP codes in Iowa, 50140 has lower property taxes. ZIP codes with similar effective rates include 51637 (2.07%) and 50068 (2.09%).

In Lamoni, property taxes represent approximately 4.6% of the median household income of $54,000, providing context for the relative tax burden on homeowners in this area.

Iowa does not cap property tax increases at purchase or reassessment; the Decatur County Assessor will value your property at fair market value, and that value can increase annually without a state homestead exemption. Decatur County provides local exemptions for seniors, disabled homeowners, and veterans—contact the Decatur County Assessor to confirm eligibility and required documentation. File your exemption application with the Decatur County Assessor by the January 1 deadline to secure relief on the next tax year.