Monmouth, Iowa Property Taxes
The median property tax rate in Monmouth, IA is 1.13%, which is higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Monmouth at $111,030, the typical annual property tax bill amounts to $1,526, falling below the national median of $2,690. Property taxes in Monmouth are calculated based on the tax assessed value, which is often less than the market value due to exemptions like 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 the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Monmouth, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$1,255
Ownwell’s Monmouth Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Monmouth with just two data inputs. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monmouth to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, further localized information is available below. Your property’s assessed value is the value assigned by Jones County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Monmouth, Iowa
Property taxes in Monmouth, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monmouth is 1.13%, 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 the highest median property tax rate of 1.13%, while the same zip code also has the lowest median tax rate of 1.13%. Understanding how these cities compare with Monmouth provides valuable insights into the varying tax landscape across Jones County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monmouth Tax Rate
1.13%
Average Jones County Tax Rate
1.38%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monmouth, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52309 | 0.99% | 1.04% | 1.13% | 1.16% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Monmouth, Iowa
In Monmouth, 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 Jones 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. For instance, homeowners in the 52309 zip code have the highest median tax bill at $1,526. 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.
Average Monmouth Assessed Value
$111,030
Average Jones County Assessed Value
$156,350
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monmouth, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52309 | $4,148 | $28,880 | $111,030 | $210,100 | $286,972 |
Source: Ownwell
Property Tax Bills Across Monmouth, Iowa
In Monmouth, property tax bills are calculated based on the assessed value of a home, which is determined by the Jones County assessor. This assessed value is then multiplied by the local property tax rate to arrive at the annual tax bill. For example, with a median home price of $111,030, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. Factors such as property size, location, and any improvements made to the home can influence the assessed value. In Monmouth, the 25th percentile tax bill is $656, while the 75th percentile tax bill reaches $2,456. At the higher end, the 90th percentile tax bill is $3,329. These figures highlight the range of potential tax liabilities homeowners might face. Compared to the national median property tax rate of 0.99%, Monmouth's tax rates can significantly impact homeowners, making it essential for them to understand how their property is assessed and how to potentially reduce their tax burden through appeals or exemptions.
Average Monmouth Tax Bill
$1,526
Average Jones County Tax Bill
$2,222
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Monmouth, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52309 | $297 | $656 | $1,526 | $2,456 | $3,329 |
Source: Ownwell