Monticello, Iowa Property Taxes
The median property tax rate in Monticello, IA is 1.63%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Monticello at $210,800, the typical annual property tax bill reaches $3,278, exceeding the national median of $2,690. Property taxes in Monticello 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 Monticello'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 Monticello 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
Monticello, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.63%
Estimate Property Tax Bill
$3,436
Ownwell's Monticello Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monticello with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monticello 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 Monticello, Iowa
Property taxes in Monticello, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monticello is 1.63%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Monticello set these rates annually, and they can vary across different neighborhoods. Each year, Monticello 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 Monticello's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52310 zip code has the highest median property tax rate of 1.63%, while the 52310 zip code also has the lowest median tax rate of 1.63%. Understanding how these cities compare with Monticello provides valuable insights into the varying tax landscape across Linn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monticello Tax Rate
1.63%
Average Linn County Tax Rate
1.84%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monticello, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52310 | 1.41% | 1.54% | 1.63% | 1.74% | 1.90% |
Source: Ownwell
Property Tax Assessment Values Across Monticello, Iowa
In Monticello, 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 local appraisal office 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 Monticello, 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 Monticello helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 52310, with a tax bill of $3,278, while the lowest median tax bill is also in 52310, at $3,278.
Average Monticello Assessed Value
$210,800
Average Linn County Assessed Value
$173,500
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monticello, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52310 | $147,350 | $171,575 | $210,800 | $239,175 | $315,180 |
Source: Ownwell
Property Tax Bills Across Monticello, Iowa
In Monticello, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements or changes made to the property. For homeowners in Monticello, the median home price is $210,800. Property tax bills can vary significantly, with the 25th percentile paying around $2,771 and the 75th percentile facing a tax bill of approximately $3,903. At the higher end, the 90th percentile sees tax bills reaching up to $4,782. Comparatively, the national median property tax rate is 0.99%, highlighting that Monticello's property taxes may be on the higher side. This can impact homeowners by increasing their annual expenses, potentially affecting their overall financial planning and home affordability.
Average Monticello Tax Bill
$3,278
Average Linn County Tax Bill
$3,328
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Monticello, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52310 | $2,491 | $2,771 | $3,278 | $3,903 | $4,782 |
Source: Ownwell