Iona, Minnesota Property Taxes
The median property tax rate in Iona, Minnesota is 0.90%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value in Iona, the typical annual property tax bill reaches $698, significantly below the national median of $2,690. Property taxes in Iona are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Iona'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 Iona 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
Iona, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$916
Ownwell’s Iona Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Iona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Iona 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 Iona, Minnesota
Property taxes in Iona, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Iona is 0.90%, slightly below the U.S. national median of 0.99%. Local government entities within Iona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Iona 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 Iona's effective property tax rate to other areas in Minnesota and the national median. For comparison, the 56141 zip code has both the highest and lowest median property tax rate of 0.90%. Understanding how these areas compare with Iona provides valuable insights into the varying tax landscape across Murray County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Iona Tax Rate
0.90%
Average Murray County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Iona, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56141 | 0.14% | 0.29% | 0.90% | 1.20% | 1.64% |
Source: Ownwell
Property Tax Assessment Values Across Iona, Minnesota
In Iona, Minnesota, 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 Murray 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 Iona, 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 Iona helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in Murray County is 56141, with a bill of $698, while the lowest is also in 56141, with the same bill amount.
Average Iona Assessed Value
$101,800
Average Murray County Assessed Value
$177,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Iona, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56141 | $3,100 | $33,200 | $101,800 | $297,900 | $1,314,020 |
Source: Ownwell
Property Tax Bills Across Iona, Minnesota
In Iona, Minnesota, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The median home price in Iona is $101,800. To compute the tax bill, this assessed value is multiplied by the local property tax rate. For example, homeowners in Iona can expect a tax bill ranging from $338 at the 25th percentile to $1,453 at the 75th percentile, with the 90th percentile reaching up to $2,717. Factors influencing the property tax bill include the home's assessed value, local tax rates, and any applicable exemptions or deductions. These taxes are crucial for funding local services such as schools, public safety, and infrastructure. Homeowners in Iona should be aware that their property tax bill can significantly impact their annual budget, making it essential to understand how these taxes are calculated and what factors may affect their assessments.
Average Iona Tax Bill
$698
Average Murray County Tax Bill
$1,236
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Iona, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56141 | $42 | $338 | $698 | $1,453 | $2,717 |
Source: Ownwell