50150 Property Tax Rate

Property owners in ZIP code 50150 (Lovilia, Iowa) pay a median of $2,149/year in property taxes on homes valued at $119,200. This translates to an effective tax rate of 1.80%, which is 41% above the Iowa state average of 1.28%.

The monthly property tax burden for a median-valued home in 50150 is approximately $179, which factors into escrow payments on mortgages. This ZIP code is located within Monroe County.

Compared to similar ZIP codes in Iowa, 50150 has higher property taxes. ZIP codes with similar effective rates include 52233 (1.80%) and 51532 (1.80%).

In Lovilia, property taxes represent approximately 3.3% of the median household income of $64,844, providing context for the relative tax burden on homeowners in this area.

Iowa does not cap property tax increases at purchase or reassessment; the Monroe County Assessor will value your property at fair market value at purchase, and that value may increase annually without a homestead exemption floor. Monroe County residents age 65+, disabled persons, and qualifying veterans should contact the Monroe County Assessor about available exemptions and their eligibility thresholds. Submit your exemption application to the Monroe County Assessor by December 31 of the year before the tax year you wish the exemption to take effect.