Menlo, Iowa Property Taxes
The median property tax rate in Menlo, Iowa is 1.31%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $121,800 in Menlo, the typical annual property tax bill amounts to $1,526, falling below the national median of $2,690. Property taxes in Menlo are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Menlo'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 Menlo or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Menlo, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$1,596
Ownwell’s Menlo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Menlo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Menlo 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 Menlo, Iowa
Property taxes in Menlo, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Menlo is 1.31%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Menlo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Menlo 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 Menlo's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50164 zip code 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 Menlo provides valuable insights into the varying tax landscape across Guthrie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Menlo Tax Rate
1.31%
Average Guthrie County Tax Rate
1.18%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Menlo, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50164 | 0.94% | 1.04% | 1.31% | 1.45% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Menlo, Iowa
In Menlo, 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 Guthrie 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 Menlo, 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. For instance, the median home price in Menlo is $121,800, with tax bills ranging significantly. The 25th percentile tax bill is $908, while the 75th percentile tax bill is $2,269, and the 90th percentile tax bill reaches $3,035. The zip code with the highest and lowest median tax bill is 50164, with a median tax bill of $1,526. By understanding 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 Menlo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Menlo Assessed Value
$121,800
Average Guthrie County Assessed Value
$152,050
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Menlo, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50164 | $33,550 | $69,050 | $121,800 | $180,950 | $241,270 |
Source: Ownwell
Property Tax Bills Across Menlo, Iowa
Property tax bills in Menlo, located in Guthrie County, IA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the market value of the home and then applies an assessment ratio. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. In Menlo, the median home price is $121,800, and property tax bills can vary significantly. For example, homeowners in the 25th percentile pay around $908, while those in the 75th percentile face bills of approximately $2,269. At the higher end, the 90th percentile sees tax bills reaching up to $3,035. These figures highlight the range of property tax burdens within the city. Compared to the national median property tax rate of 0.99%, Menlo’s rates reflect the local economic conditions and funding needs for public services, impacting homeowners differently based on their property values.
Average Menlo Tax Bill
$1,526
Average Guthrie County Tax Bill
$1,994
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Menlo, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50164 | $487 | $908 | $1,526 | $2,269 | $3,035 |
Source: Ownwell