51449 Property Tax Rate

Property owners in ZIP code 51449 (Lake City, Iowa) pay a median of $1,654/year in property taxes on homes valued at $119,300. This translates to an effective tax rate of 1.39%, which is 9% above the Iowa state average of 1.28%.

The monthly property tax burden for a median-valued home in 51449 is approximately $138, which factors into escrow payments on mortgages. This ZIP code is located within Calhoun County. This is $411 less than the Iowa average of $2,065/year.

Compared to similar ZIP codes in Iowa, 51449 has higher property taxes. ZIP codes with similar effective rates include 50593 (1.39%) and 50314 (1.39%).

In Lake City, property taxes represent approximately 2.5% of the median household income of $66,750, providing context for the relative tax burden on homeowners in this area.

Iowa reassesses property at market value every four years during the general reassessment cycle; your purchase price triggers a new assessment that becomes the base for future valuations. Calhoun County offers a Homestead Exemption that reduces assessed value for primary residences — contact the Calhoun County Assessor's office to file immediately after closing. Request a copy of your assessment notice and note the appeal deadline, typically 30 days from the notice date, to challenge any overvaluation.