50851 Property Tax Rate

Property owners in ZIP code 50851 (Lenox, Iowa) pay a median of $1,643/year in property taxes on homes valued at $115,500. This translates to an effective tax rate of 1.42%, which is 11% above the Iowa state average of 1.28%.

The monthly property tax burden for a median-valued home in 50851 is approximately $137, which factors into escrow payments on mortgages. This ZIP code is located within Taylor County. This is $422 less than the Iowa average of $2,065/year.

Compared to similar ZIP codes in Iowa, 50851 has higher property taxes. ZIP codes with similar effective rates include 51533 (1.42%) and 50145 (1.42%).

In Lenox, property taxes represent approximately 2.4% of the median household income of $67,847, providing context for the relative tax burden on homeowners in this area.

Iowa reassesses all property at market value annually with no statutory cap, and the Taylor County Assessor will place your new purchase on the tax roll at its current fair market value. Homeowners with household income under $32,400 can claim the Homestead Property Tax Credit (HPTC), which provides up to $1,375 in annual tax relief based on home value. Apply for the HPTC with the Taylor County Assessor before your first tax bill is issued to maximize your tax savings.