Monona, Iowa Property Taxes
The median property tax rate in Monona, Iowa, is 1.55%, notably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With a median home value in Monona of $128,916, the typical annual property tax bill reaches $1,946, which is below the national median of $2,690. Property taxes in Monona are calculated based on the assessed value, which typically falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Monona'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 Monona 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
Monona, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.55%
Estimate Property Tax Bill
$1,998
Ownwell’s Monona Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monona 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 Monona, Iowa
Property taxes in Monona, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monona is 1.55%, significantly higher than the U.S. national median of 0.99%. Local government entities within Monona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monona 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 Monona's effective property tax rate to other areas in Iowa and the national median. For comparison, the zip code 52159 has the highest median property tax rate of 1.55%, while the same zip code also has the lowest median tax rate of 1.55%. Understanding how these cities compare with Monona provides valuable insights into the varying tax landscape across Clayton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monona Tax Rate
1.55%
Average Clayton County Tax Rate
1.34%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monona, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52159 | 1.11% | 1.35% | 1.55% | 1.67% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Monona, Iowa
In Monona, 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 Clayton 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 Monona, 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 Monona helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Monona are both $1,946, found in the 52159 zip code, reflecting the uniformity in property tax assessments within the area.
Average Monona Assessed Value
$128,916
Average Clayton County Assessed Value
$133,780
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monona, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52159 | $59,680 | $87,716 | $128,916 | $182,741 | $270,859 |
Source: Ownwell
Property Tax Bills Across Monona, Iowa
In Monona, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Monona, the median home price is $128,916. Property tax bills can vary significantly, with the 25th percentile tax bill at $1,298 and the 75th percentile tax bill reaching $2,668. At the 90th percentile, homeowners might see tax bills as high as $3,754. Several factors influence the final tax bill, including the property's assessed value, any applicable exemptions, and the local tax rate set by municipal authorities. For comparison, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. Higher property tax bills can impact homeowners by increasing their annual expenses, potentially affecting affordability and long-term financial planning. Understanding these factors is crucial for homeowners aiming to manage their property tax liabilities effectively.
Average Monona Tax Bill
$1,946
Average Clayton County Tax Bill
$1,792
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Monona, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52159 | $874 | $1,298 | $1,946 | $2,668 | $3,754 |
Source: Ownwell