Marengo, Benton County, Iowa Property Taxes
The median property tax rate in Marengo, IA is 1.15%, 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 Marengo at $316,800, the typical annual property tax bill reaches $3,474, surpassing 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 Benton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Marengo, Benton County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$3,643
$3,381
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, Benton County, Iowa
Property taxes in Marengo, Iowa, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marengo is 1.15%, 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 both the highest and lowest median property tax rate of 1.15%. 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
1.15%
Average Benton County Tax Rate
1.37%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marengo, Benton County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52301 | 0.97% | 1.04% | 1.15% | 1.20% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Marengo, Benton County, 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 Benton 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. The zip code 52301 has both the highest and lowest median tax bill at $3,474, indicating a consistent tax rate across the area.
Property Tax Assessment Values Across Marengo, Benton County, Iowa
Source: Ownwell
$87,000
$236,925
$386,850
Average Marengo Assessed Value
$316,800
Average Benton County Assessed Value
$183,200
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marengo, Benton County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52301 | $233,150 | $283,450 | $316,800 | $387,675 | $580,570 |
Source: Ownwell
Property Tax Bills Across Marengo, Benton County, Iowa
Property tax bills in Marengo, located in Benton County, IA, are calculated based on the assessed value of a property. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors such as the property's market value, improvements, and any applicable exemptions are considered in the assessment process. For example, the median home price in Marengo is $316,800. Homeowners in the 25th percentile can expect a tax bill around $3,010, while those in the 75th percentile might see bills closer to $4,252. At the 90th percentile, tax bills can reach up to $6,985. These figures highlight that Marengo's property tax rates can significantly impact homeowners, especially when compared to the national median property tax rate of 0.99%. The highest and lowest median tax bills both stand at $3,474 in the 52301 zip code, indicating a level of consistency in property tax assessments within this area.
Average Marengo Tax Bill
$3,474
Average Benton County Tax Bill
$2,460
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Marengo, Benton County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52301 | $2,774 | $3,010 | $3,474 | $4,252 | $6,985 |
Source: Ownwell