Mingo, Iowa Property Taxes
The median property tax rate in Mingo, IA is 1.51%, slightly higher than the national median of 0.99% but just below the Iowa state median of 1.54%. With the median home value in Mingo at $178,120, the typical annual property tax bill reaches $2,782, which is below the national median of $2,690. Property taxes in Mingo 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 Mingo'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 Mingo 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
Mingo, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.51%
Estimate Property Tax Bill
$2,690
Ownwell’s Mingo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mingo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mingo 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 Mingo, Iowa
Property taxes in Mingo, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mingo is 1.51%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Mingo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mingo 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 Mingo's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50168 zip code has the highest median property tax rate of 1.51%, while the 50168 zip code also has the lowest median tax rate of 1.51%. Understanding how these cities compare with Mingo provides valuable insights into the varying tax landscape across Jasper County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mingo Tax Rate
1.51%
Average Jasper County Tax Rate
1.61%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mingo, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50168 | 1.19% | 1.22% | 1.51% | 1.73% | 1.92% |
Source: Ownwell
Property Tax Assessment Values Across Mingo, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mingo, Iowa. The market value represents 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 Mingo, 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. For example, the median home price in Mingo is $178,120, with tax bills ranging from $1,809 at the 25th percentile to $5,050 at the 90th percentile. The highest and lowest median tax bills both stand at $2,782 in zip code 50168. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mingo Assessed Value
$178,120
Average Jasper County Assessed Value
$166,390
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mingo, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50168 | $53,431 | $111,915 | $178,120 | $276,778 | $362,991 |
Source: Ownwell
Property Tax Bills Across Mingo, Iowa
In Mingo, located in Jasper County, IA, property tax bills are determined by assessing the value of a property and then applying the local tax rate to that assessed value. The median home price in Mingo is $178,120. Factors such as property improvements, market conditions, and neighborhood characteristics can influence the assessed value. Homeowners in Mingo experience property tax bills that vary significantly; at the 25th percentile, the tax bill is approximately $1,809, while at the 75th percentile, it reaches around $3,778. The 90th percentile sees even higher tax bills, averaging about $5,050. These figures illustrate the range of property taxes that homeowners might expect, depending on their property's assessed value and any applicable exemptions. Compared to the national median property tax rate of 0.99%, the property taxes in Mingo can have a substantial impact on homeowners' annual expenses. Understanding these factors can help homeowners anticipate their financial obligations more accurately.
Average Mingo Tax Bill
$2,782
Average Jasper County Tax Bill
$2,548
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Mingo, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50168 | $871 | $1,809 | $2,782 | $3,778 | $5,050 |
Source: Ownwell