Minburn, Iowa Property Taxes
The median property tax rate in Minburn, IA is 1.30%, which is notably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $179,590 in Minburn, the typical annual property tax bill amounts to $2,523, just below the national median of $2,690. Property taxes in Minburn are based on the tax assessed value, which is often less than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Minburn's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Minburn or another part of Dallas County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Minburn, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.3%
Estimate Property Tax Bill
$2,335
Ownwell’s Minburn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Minburn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Minburn to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Minburn, Iowa
Property taxes in Minburn, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Minburn is 1.31%, higher than both the Iowa state median of 1.29% and the U.S. national median of 0.99%. Local government entities within Minburn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Minburn estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Minburn's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50167 has the highest median property tax rate of 1.31%, while the same zip code also has the lowest median tax rate of 1.31%. Understanding how these cities compare with Minburn provides valuable insights into the varying tax landscape across Dallas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Minburn Tax Rate
1.30%
Average Dallas County Tax Rate
1.62%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Minburn, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50167 | 0.99% | 1.11% | 1.30% | 1.75% | 1.89% |
Source: Ownwell
Property Tax Assessment Values Across Minburn, Iowa
In Minburn, Iowa, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Dallas County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Minburn, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Minburn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Minburn is $179,590, with tax bills ranging from $1,719 at the 25th percentile to $4,387 at the 90th percentile. The highest and lowest median tax bills in the area are both $2,523, found in zip code 50167.
Average Minburn Assessed Value
$179,590
Average Dallas County Assessed Value
$264,500
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Minburn, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50167 | $77,754 | $123,630 | $179,590 | $268,110 | $405,930 |
Source: Ownwell
Property Tax Bills Across Minburn, Iowa
In Minburn, Dallas County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Factors such as home improvements, neighborhood developments, and market conditions can influence the assessed value. For example, with a median home price of $179,590 in Minburn, the property tax bill can vary significantly. Homeowners at the 25th percentile can expect a tax bill of around $1,719, while those at the 75th percentile may see a bill closer to $3,329. The 90th percentile tax bill can reach up to $4,387. These taxes fund essential local services such as schools, public safety, and infrastructure, impacting the community's overall quality of life. Compared to the national median property tax rate of 0.99%, homeowners in Minburn experience a varied but generally moderate tax burden, reflecting the local economic and real estate conditions.
Average Minburn Tax Bill
$2,523
Average Dallas County Tax Bill
$3,638
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Minburn, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50167 | $882 | $1,719 | $2,523 | $3,329 | $4,387 |
Source: Ownwell