Iona, Minnesota Property Taxes
The median property tax rate in Iona, MN is 0.73%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Iona at $151,250, the typical annual property tax bill reaches $1,011, well below the national median of $2,690. Property taxes in Iona 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 Iona'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 Iona 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
Iona, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$1,104
Ownwell’s Iona Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Iona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Iona 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 Iona, Minnesota
Property taxes in Iona, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Iona is 0.73%, lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Iona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Iona 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 Iona's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56141 zip code has the highest median property tax rate of 0.73%, while the 56141 zip code also has the lowest median tax rate of 0.73%. Understanding how these cities compare with Iona provides valuable insights into the varying tax landscape across Nobles County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Iona Tax Rate
0.73%
Average Nobles County Tax Rate
1.00%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Iona, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56141 | 0.62% | 0.66% | 0.73% | 0.80% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Iona, Minnesota
In Iona, Minnesota, 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 Nobles 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 Iona, 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 Iona helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the region are both $1,011, found in the 56141 zip code.
Average Iona Assessed Value
$151,250
Average Nobles County Assessed Value
$169,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Iona, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56141 | $95,850 | $116,625 | $151,250 | $185,875 | $206,650 |
Source: Ownwell
Property Tax Bills Across Iona, Minnesota
In Iona, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Iona is $151,250. Property taxes are determined by multiplying the assessed value of the home by the local tax rate set by the county and other taxing authorities. For homeowners in Iona, the tax bill can vary significantly. The 25th percentile tax bill is $860, while the 75th percentile reaches $1,162, and the 90th percentile is $1,253. These variations are influenced by factors such as property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Iona's rates are competitive, potentially offering some relief to homeowners. Understanding these factors can help homeowners anticipate their property tax obligations and manage their finances more effectively.
Average Iona Tax Bill
$1,011
Average Nobles County Tax Bill
$1,588
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Iona, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56141 | $769 | $860 | $1,011 | $1,162 | $1,253 |
Source: Ownwell