Monmouth, Jackson County, Iowa Property Taxes
The median property tax rate in Monmouth, IA is 1.21%, which is considerably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $80,900 in Monmouth, the typical annual property tax bill reaches $1,120, still below the national median of $2,690. Property taxes in Monmouth 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 Monmouth'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 Monmouth or another part of Jackson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Monmouth, Jackson County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$979
$908
Ownwell’s Monmouth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monmouth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monmouth 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 Monmouth, Jackson County, Iowa
Property taxes in Monmouth, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monmouth is 1.21%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Monmouth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monmouth 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 Monmouth's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52309 zip code has both the highest and lowest median property tax rate of 1.21%. Understanding how these cities compare with Monmouth provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monmouth Tax Rate
1.21%
Average Jackson County Tax Rate
1.24%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monmouth, Jackson County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52309 | 0.91% | 1.04% | 1.21% | 1.43% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Monmouth, Jackson County, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Monmouth, Iowa. 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 Jackson 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 Monmouth, 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 Monmouth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 52309, both with a median tax bill of $1120.
Property Tax Assessment Values Across Monmouth, Jackson County, Iowa
Source: Ownwell
$80,900
$162,475
$244,050
Average Monmouth Assessed Value
$80,900
Average Jackson County Assessed Value
$157,800
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monmouth, Jackson County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52309 | $9,700 | $37,600 | $80,900 | $189,250 | $281,600 |
Source: Ownwell
Property Tax Bills Across Monmouth, Jackson County, Iowa
In Monmouth, Jackson County, IA, property tax bills are determined by assessing the market value of a home and applying the local tax rate to this assessed value. The median home price in Monmouth is $80,900, which provides a baseline for calculating the property tax. The property tax rate in Monmouth is influenced by various local factors, including funding requirements for schools, infrastructure, and public services. Homeowners in Monmouth can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $586, while the 75th percentile tax bill reaches up to $2,066. At the higher end, the 90th percentile tax bill can be as much as $2,938. These variations highlight how different property values and local levies impact the final tax bill. Compared to the national median property tax rate of 0.99%, Monmouth’s property taxes reflect the specific needs and budgetary requirements of the local community. Homeowners should be aware of these factors as they directly affect their annual financial obligations.
Average Monmouth Tax Bill
$1,120
Average Jackson County Tax Bill
$1,948
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Monmouth, Jackson County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52309 | $190 | $586 | $1,120 | $2,066 | $2,938 |
Source: Ownwell