Montezuma, Iowa Property Taxes
The median property tax rate in Montezuma, IA is 0.97%, slightly below the national median of 0.99% and significantly lower than the Iowa state median of 1.54%. With the median home value in Montezuma at $223,180, the typical annual property tax bill reaches $2,386, which is under the national median of $2,690. Property taxes in Montezuma 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 Montezuma'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 Montezuma 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
Montezuma, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$2,165
Ownwell’s Montezuma Property Tax Bill Calculator provides homeowners, real estate investors, and potential buyers with a quick estimate of their annual property taxes in Montezuma. By simply entering your property's estimated assessed value, the calculator utilizes the median tax rate in Montezuma to give you an accurate property tax bill estimate. This valuable tool helps you gauge potential tax liabilities effortlessly. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, serves as the basis for property tax calculations, incorporating any applicable exemptions.
Property Tax Rates Across Montezuma, Iowa
Property taxes in Montezuma, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Montezuma is 0.97%, slightly lower than the U.S. national median of 0.99%. Local government entities within Montezuma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montezuma 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 Montezuma's effective property tax rate to other areas in Iowa and the national median. For comparison, the ZIP code 50171 has the highest median property tax rate of 0.97%, while the same ZIP code also has the lowest median tax rate of 0.97%. Understanding how these areas compare with Montezuma provides valuable insights into the varying tax landscape across Poweshiek County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Montezuma Tax Rate
0.97%
Average Poweshiek County Tax Rate
1.29%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montezuma, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50171 | 0.83% | 0.91% | 0.97% | 1.32% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Montezuma, Iowa
In Montezuma, 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 Poweshiek County 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 Montezuma, 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 is $223,180, with tax bills ranging from $1,400 at the 25th percentile to $5,372 at the 90th percentile. The zip code 50171 has both the highest and lowest median tax bill at $2,386. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Montezuma Assessed Value
$223,180
Average Poweshiek County Assessed Value
$172,525
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Montezuma, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50171 | $80,886 | $125,470 | $223,180 | $379,570 | $567,172 |
Source: Ownwell
Property Tax Bills Across Montezuma, Iowa
In Montezuma, Poweshiek County, IA, property tax bills are determined by assessing the value of a property and applying the local tax rate. The assessed value is based on the market value of the home, which in Montezuma has a median price of $223,180. The local tax rate is then applied to this assessed value to calculate the annual tax bill. Homeowners in Montezuma can expect a range of property tax bills, with the 25th percentile at $1,400 and the 75th percentile at $3,721. For those at the higher end, the 90th percentile tax bill reaches up to $5,372. These figures indicate that while some homeowners may pay relatively modest taxes, others might face significantly higher bills depending on their property's assessed value. This variability in tax bills can impact homeowners' financial planning and the overall affordability of living in Montezuma compared to the national median property tax rate of 0.99%.
Average Montezuma Tax Bill
$2,386
Average Poweshiek County Tax Bill
$2,264
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Montezuma, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50171 | $812 | $1,400 | $2,386 | $3,721 | $5,372 |
Source: Ownwell