Marengo, Iowa Property Taxes
The median property tax rate in Marengo, IA is 1.65%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Marengo at $129,770, the typical annual property tax bill reaches $2,026, still below the national median of $2,690. Property taxes in Marengo 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 Marengo'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 Marengo or another part of Iowa County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Marengo, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.65%
Estimate Property Tax Bill
$2,141
Ownwell’s Marengo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marengo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marengo 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 Marengo, Iowa
Property taxes in Marengo, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marengo is 1.65%, significantly higher than the U.S. national median of 0.99%. Local government entities within Marengo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marengo 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 Marengo's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52301 zip code has the highest median property tax rate of 1.65%, while the same zip code also has the lowest median tax rate of 1.65%. Understanding how these cities compare with Marengo provides valuable insights into the varying tax landscape across Iowa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marengo Tax Rate
1.65%
Average Iowa County Tax Rate
1.36%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marengo, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52301 | 1.14% | 1.22% | 1.65% | 1.82% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Marengo, Iowa
In Marengo, 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 Iowa 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 Marengo, 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 Marengo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 52301 has both the highest and lowest median tax bill at $2,026.
Average Marengo Assessed Value
$129,770
Average Iowa County Assessed Value
$157,090
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marengo, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52301 | $29,353 | $77,015 | $129,770 | $193,925 | $274,933 |
Source: Ownwell
Property Tax Bills Across Marengo, Iowa
In Marengo, located in Iowa County, IA, property tax bills are calculated based on the assessed value of the property, which is determined by local assessors. This assessed value is a percentage of the market value of the home. The local tax rate is then applied to this assessed value to calculate the annual property tax bill. Several factors influence the assessed value, including the property's location, size, and condition, as well as recent sales of comparable properties in the area. Homeowners in Marengo can expect property tax bills that vary significantly, with the 25th percentile at $1,254 and the 75th percentile at $2,912. The top 10% of property tax bills can reach up to $3,988. These property taxes fund essential local services such as schools, road maintenance, and public safety, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Marengo's tax rates reflect the local economic conditions and funding needs. Understanding these factors can help homeowners anticipate and plan for their annual property tax obligations.
Average Marengo Tax Bill
$2,026
Average Iowa County Tax Bill
$2,134
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Marengo, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52301 | $508 | $1,254 | $2,026 | $2,912 | $3,988 |
Source: Ownwell