Mount Vernon, Iowa Property Taxes
The median property tax rate in Mount Vernon, IA is 1.29%, which is considerably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Mount Vernon at $138,500, the typical annual property tax bill reaches $1,740, falling below the national median of $2,690. Property taxes in Mount Vernon 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 Mount Vernon'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 Mount Vernon 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
Mount Vernon, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.29%
Estimate Property Tax Bill
$1,787
Ownwell’s Mount Vernon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Vernon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Vernon 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 Johnson County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Mount Vernon, Iowa
Property taxes in Mount Vernon, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Vernon is 1.29%, which is significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Mount Vernon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Vernon 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 Mount Vernon's effective property tax rate to other areas in Iowa and the national median. For comparison, the zip code 52314, which includes Mount Vernon, has the highest median property tax rate of 1.29%, while the same zip code also represents the lowest median tax rate of 1.29%. Understanding how these areas compare with Mount Vernon provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Vernon Tax Rate
1.29%
Average Johnson County Tax Rate
1.71%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Vernon, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52314 | 1.24% | 1.26% | 1.29% | 1.33% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Mount Vernon, Iowa
In Mount Vernon, 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 Johnson 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 Mount Vernon, 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 Mount Vernon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $1,740, found in zip code 52314.
Average Mount Vernon Assessed Value
$138,500
Average Johnson County Assessed Value
$229,790
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Vernon, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52314 | $73,220 | $97,700 | $138,500 | $179,300 | $203,780 |
Source: Ownwell
Property Tax Bills Across Mount Vernon, Iowa
In Mount Vernon, IA, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the market value determined by the local assessor's office. Various factors influence this assessed value, including the property's size, location, and improvements. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. Homeowners in Mount Vernon experience different tax bills depending on their property's value and the local tax rate. For instance, the median home price in the area is $138,500, with property tax bills ranging from $1,257 at the 25th percentile to $2,513 at the 90th percentile. Comparatively, the national median property tax rate is 0.99%. These tax bills significantly impact homeowners, as they must budget for these annual expenses, which contribute to local services such as schools, infrastructure, and emergency services. Understanding how these factors come together helps homeowners anticipate and manage their financial obligations effectively.
Average Mount Vernon Tax Bill
$1,740
Average Johnson County Tax Bill
$3,786
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Vernon, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52314 | $967 | $1,257 | $1,740 | $2,223 | $2,513 |
Source: Ownwell