Lake Mills, Winnebago County, Iowa Property Taxes

Name: Property Tax Bills Across Lake Mills, Winnebago County, Iowa
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Lake Mills, IA effective property tax rate: 1.39%, significantly higher than the national median of 1.02%, but lower than the Iowa state median of 1.54%.
Median Lake Mills, IA home value: $137,910
Median annual Lake Mills, IA tax bill: $1,889, $511 lower than the national median property tax bill of $2,400.

How are property taxes in Winnebago calculated?

Property taxes in Lake Mills, IA are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Lake Mills’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Lake Mills, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Lake Mills, Winnebago County, Iowa Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.39%

Estimate Property Tax Bill

$1,917

$1,779

Ownwell’s Lake Mills Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lake Mills with just two data points. By entering your property's estimated assessed value, our calculator applies Lake Mills’ median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Winnebago County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Lake Mills, Winnebago County, Iowa

Local government entities in Iowa determine property tax rates, which can differ significantly across the state. This variation arises because each county annually calculates its budget needs to deliver essential services and divides this by the total assessed value of all taxable property within its area. This process establishes the property tax rate. While votes and legislation play a role in setting these rates and budgets, this is the core of the yearly procedure.

In Lake Mills, located in Winnebago County, the effective property tax rate stands at 1.39%. This rate is notably higher than the national median property tax rate of 1.02%, reflecting the local government's budgetary requirements and property values. When compared to the median property tax rates across Iowa, Lake Mills' rate aligns with the state's median, indicating a consistent approach to property taxation within the region.

Understanding these rates is crucial for property owners, as it directly impacts their annual property tax bills. By staying informed, homeowners can better anticipate their financial obligations and explore potential avenues for tax appeals or exemptions.

Property Tax Rates Across Lake Mills, Winnebago County, Iowa

Source: Ownwell

0.99%

1.30%

1.62%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Lake Mills Tax Rate

1.39%

Median Effective Winnebago County Tax Rate

1.42%

Median Effective Iowa Tax Rate

1.54%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Lake Mills, Winnebago County, Iowa

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
50450	0.94%	1.15%	1.39%	1.51%	1.64%

Source: Ownwell

Property Tax Assessment Values Across Lake Mills, Winnebago County, Iowa

When examining property taxes in Lake Mills, IA, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Winnebago County Assessor estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Winnebago County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Lake Mills.

For example, the median home price in Lake Mills is $137,910, with tax bills ranging significantly across the county. The 50450 zip code has the highest median home price at $137,910.

Property Tax Assessment Values Across Lake Mills, Winnebago County, Iowa

Source: Ownwell

$37,100

$139,870

$242,640

Median Lake Mills Market Value

$137,910

Median Winnebago County Market Value

$124,390

Median Iowa Market Value

$167,100

Median United States Market Value

$235,294

Property Tax Assessment Values Across Lake Mills, Winnebago County, Iowa

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
50450	$64,062	$93,720	$137,910	$206,350	$297,298

Source: Ownwell

Property Tax Bills Across Lake Mills, Winnebago County, Iowa

In Lake Mills, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the tax bill. Factors such as the home's size, location, and market conditions influence the assessed value. In Lake Mills, the median property tax bill is $1,889, which is below the national median of $2,400. However, homeowners in the 90th percentile may face tax bills as high as $3,858, reflecting significant variation based on property value. High property taxes can strain homeowners' finances, making it crucial to ensure that assessments are fair and accurate. Ownwell assists homeowners by reviewing property assessments and identifying potential inaccuracies that could lead to higher tax bills. By appealing these assessments, Ownwell helps homeowners potentially lower their tax burdens, ensuring they only pay their fair share. This service is invaluable in managing and reducing property tax expenses.

Property Tax Bills Across Lake Mills, Winnebago County, Iowa

Source: Ownwell

$436

$1,375

$2,314

Median Lake Mills Tax Bill

$1,889

Median Winnebago County Tax Bill

$1,770

Median Iowa Tax Bill

$2,508

Median United States Tax Bill

$2,400

Property Tax Bills Across Lake Mills, Winnebago County, Iowa

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
50450	$782	$1,274	$1,889	$2,768	$3,858

Source: Ownwell