Montrose, Iowa Property Taxes
The median property tax rate in Montrose, IA is 1.26%, which is considerably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Montrose at $127,440, the typical annual property tax bill reaches $1,630, falling below the national median of $2,690. Property taxes in Montrose 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 Montrose'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 Montrose 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
Montrose, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.26%
Estimate Property Tax Bill
$1,606
Ownwell’s Montrose Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Montrose with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montrose 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 Montrose, Iowa
Property taxes in Montrose, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Montrose is 1.26%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Montrose set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montrose 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 Montrose's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52639 zip code has both the highest and lowest median property tax rate of 1.26%. Understanding how these cities compare with Montrose provides valuable insights into the varying tax landscape across Lee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Montrose Tax Rate
1.26%
Average Lee County Tax Rate
1.57%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montrose, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52639 | 1.00% | 1.11% | 1.26% | 1.42% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Montrose, Iowa
In Montrose, 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 Lee 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 Montrose, 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 Montrose helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Montrose is $127,440, with tax bills ranging from $892 at the 25th percentile to $3,292 at the 90th percentile. The highest and lowest median tax bills are both $1,630 in the 52639 zip code.
Average Montrose Assessed Value
$127,440
Average Lee County Assessed Value
$99,640
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Montrose, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52639 | $29,586 | $63,810 | $127,440 | $183,970 | $265,554 |
Source: Ownwell
Property Tax Bills Across Montrose, Iowa
Property tax bills in Montrose, located in Lee County, IA, are calculated based on the assessed value of a property. The assessed value is determined by the county assessor and reflects the market value of the home. Homeowners in Montrose can expect a median home price of $127,440. Property tax rates in this area are influenced by various factors, including local government budgets, school funding, and public services. The median property tax rate in Montrose is notably competitive compared to the national median of 0.99%. For example, a typical homeowner might see a tax bill ranging from $892 at the 25th percentile to $2,300 at the 75th percentile, with the 90th percentile reaching up to $3,292. The highest and lowest median tax bills in the area are both $1,630, indicating a consistent rate within the zip code 52639. These property taxes fund essential community services such as schools, infrastructure, and emergency services, impacting the quality of life for residents. Understanding these factors helps homeowners anticipate their financial responsibilities and the benefits they receive from their contributions.
Average Montrose Tax Bill
$1,630
Average Lee County Tax Bill
$1,604
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Montrose, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52639 | $397 | $892 | $1,630 | $2,300 | $3,292 |
Source: Ownwell