Monticello, Iowa Property Taxes
The median property tax rate in Monticello, IA is 1.61%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Monticello at $167,900, the typical annual property tax bill reaches $2,496, slightly below the national median of $2,690. Property taxes in Monticello are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Monticello'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 Monticello 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
Monticello, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.61%
Estimate Property Tax Bill
$2,703
Ownwell’s Monticello Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monticello with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monticello 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 Monticello, Iowa
Property taxes in Monticello, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monticello is 1.61%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Monticello set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monticello 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 Monticello's effective property tax rate to other areas in Iowa and the national median. For comparison, the zip code 52310 has the highest median property tax rate of 1.61%, while it also has the lowest median tax rate of 1.61%. Understanding how these areas compare with Monticello provides valuable insights into the varying tax landscape across Jones County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monticello Tax Rate
1.61%
Average Jones County Tax Rate
1.38%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monticello, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52310 | 1.08% | 1.14% | 1.61% | 1.72% | 1.80% |
Source: Ownwell
Property Tax Assessment Values Across Monticello, Iowa
In Monticello, 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 local appraisal district 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 Monticello, 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 Monticello helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in the area is $2,496 in zip code 52310, while the lowest is also $2,496 in the same zip code, highlighting a consistent tax landscape.
Average Monticello Assessed Value
$167,900
Average Jones County Assessed Value
$156,350
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monticello, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52310 | $63,370 | $111,025 | $167,900 | $251,865 | $350,050 |
Source: Ownwell
Property Tax Bills Across Monticello, Iowa
In Monticello, located in Jones County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors influencing the assessed value include the property's market value, location, and any improvements or renovations made to the home. For homeowners in Monticello, the median home price stands at $167,900. Property tax bills can vary significantly, with the 25th percentile tax bill at $1,696 and the 75th percentile reaching $3,444. At the higher end, the 90th percentile tax bill amounts to $4,651. The highest and lowest median tax bills in the area are both recorded at $2,496 in the 52310 zip code. These property taxes play a crucial role in funding local services such as schools, infrastructure, and public safety, directly impacting the community's quality of life. Homeowners must budget for these taxes as part of their annual expenses, ensuring they can meet their financial obligations while contributing to the community's well-being.
Average Monticello Tax Bill
$2,496
Average Jones County Tax Bill
$2,222
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Monticello, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52310 | $964 | $1,696 | $2,496 | $3,444 | $4,651 |
Source: Ownwell