Monroe, Jasper County, Iowa Property Taxes
The median property tax rate in Monroe, IA is 1.37%, which is higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Monroe at $179,850, the typical annual property tax bill reaches $2,438, slightly below the national median of $2,690. Property taxes in Monroe are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Monroe'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 Monroe 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
Monroe, Jasper County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$2,464
$2,286
Ownwell’s Monroe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monroe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monroe 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 Monroe, Jasper County, Iowa
Property taxes in Monroe, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monroe is 1.37%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Monroe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monroe 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 Monroe's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 50170 has the highest median property tax rate of 1.37%, while the lowest median tax rate in Monroe is also 1.37%. Understanding how these cities compare with Monroe provides valuable insights into the varying tax landscape across Jasper County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monroe Tax Rate
1.37%
Average Jasper County Tax Rate
1.61%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monroe, Jasper County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50170 | 1.13% | 1.28% | 1.37% | 1.45% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Monroe, Jasper County, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Monroe, 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 Jasper 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 Monroe, 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. The median home price in Monroe stands at $179,850, with tax bills ranging from $1,804 at the 25th percentile to $4,714 at the 90th percentile. The zip code with the highest and lowest median tax bill is 50170, both at $2,438. Being aware of these valuation processes in Monroe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Monroe, Jasper County, Iowa
Source: Ownwell
$87,620
$186,145
$284,670
Average Monroe Assessed Value
$179,850
Average Jasper County Assessed Value
$166,390
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monroe, Jasper County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50170 | $86,931 | $133,675 | $179,850 | $259,380 | $355,808 |
Source: Ownwell
Property Tax Bills Across Monroe, Jasper County, Iowa
In Monroe, Jasper County, IA, property tax bills are calculated based on the assessed value of a home, rather than its market value. The assessed value is determined by the county assessor, who evaluates the property periodically. Several factors influence the assessed value, including the property's size, age, location, and any improvements made. Once the assessed value is established, local tax rates are applied to determine the final tax bill. In Monroe, the median home price is $179,850, and property tax bills vary significantly. For example, the 25th percentile tax bill is $1,804, while the 75th percentile tax bill is $3,400, and the 90th percentile tax bill reaches $4,714. This variability means that homeowners need to be aware of how changes in their property's assessed value or local tax rates can impact their annual tax obligations. With the national median property tax rate at 0.99%, Monroe's tax rates may seem high, affecting homeowners' financial planning and overall housing affordability.
Average Monroe Tax Bill
$2,438
Average Jasper County Tax Bill
$2,548
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Monroe, Jasper County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50170 | $1,176 | $1,804 | $2,438 | $3,400 | $4,714 |
Source: Ownwell