Mineola, Iowa Property Taxes
The median property tax rate in Mineola, Iowa is 1.24%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Mineola, the typical annual property tax bill reaches $2,348, which is below the national median of $2,690. Property taxes in Mineola 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 Mineola'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 Mineola 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
Mineola, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$2,303
Ownwell’s Mineola Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mineola with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mineola 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 Mineola, Iowa
Property taxes in Mineola, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mineola is 1.24%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Mineola set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mineola 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 Mineola's effective property tax rate to other counties in Iowa and the national median. For comparison, the 51554 zip code has the highest median property tax rate of 1.24%, while the 51554 zip code has the lowest median tax rate of 1.24%. Understanding how these cities compare with Mineola provides valuable insights into the varying tax landscape across Mills County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mineola Tax Rate
1.24%
Average Mills County Tax Rate
1.36%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mineola, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51554 | 1.14% | 1.20% | 1.24% | 1.31% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Mineola, Iowa
In Mineola, 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 Mills County 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 Mineola, 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. For instance, in Mineola, the median home price is $185,699, with tax bills ranging from $1,736 at the 25th percentile to $3,700 at the 90th percentile. The highest and lowest median tax bills are both $2,348 in the 51554 zip code. 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 Mineola helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mineola Assessed Value
$185,699
Average Mills County Assessed Value
$206,856
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mineola, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51554 | $34,999 | $137,952 | $185,699 | $227,390 | $287,200 |
Source: Ownwell
Property Tax Bills Across Mineola, Iowa
In Mineola, Mills County, IA, property tax bills are calculated based on the assessed value of a home and the county's tax rate. The assessed value is determined by the local assessor and reflects the estimated market value of the property. Once the assessed value is established, it is multiplied by the county's tax rate to calculate the annual tax bill. Homeowners in Mineola can expect a range of property tax bills. For instance, the 25th percentile tax bill is approximately $1,736, while those in the 75th percentile pay around $2,766. At the high end, the 90th percentile tax bill reaches up to $3,700. These figures demonstrate the variability in tax bills, influenced by factors such as property size, improvements, and location within the county. Compared to the national median property tax rate of 0.99%, Mineola's property taxes reflect the local economic conditions and funding needs for public services. Understanding these factors can help homeowners anticipate their financial responsibilities and plan accordingly.
Average Mineola Tax Bill
$2,348
Average Mills County Tax Bill
$3,154
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Mineola, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51554 | $568 | $1,736 | $2,348 | $2,766 | $3,700 |
Source: Ownwell