Mount Vernon, Linn County, Iowa Property Taxes
The median property tax rate in Mount Vernon, IA is 2.00%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Mount Vernon at $221,550, the typical annual property tax bill reaches $4,348, exceeding the national median of $2,690. Property taxes in Mount Vernon 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 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, Linn County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2%
Estimate Property Tax Bill
$4,431
$4,112
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 the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Mount Vernon, Linn County, Iowa
Property taxes in Mount Vernon, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Vernon is 2.00%, 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 counties in Iowa and the national median. For comparison, the 52314 zip code has the highest median property tax rate of 2.00%, while the same zip code also has the lowest median tax rate of 2.00%. Understanding how these cities compare with Mount Vernon 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 Mount Vernon Tax Rate
2.00%
Average Linn County Tax Rate
1.84%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Vernon, Linn County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52314 | 1.51% | 1.57% | 2.00% | 2.04% | 2.10% |
Source: Ownwell
Property Tax Assessment Values Across Mount Vernon, Linn County, 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 Linn 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. The highest and lowest median tax bills are both $4,348 in the 52314 zip code.
Property Tax Assessment Values Across Mount Vernon, Linn County, Iowa
Source: Ownwell
$80,400
$218,200
$356,000
Average Mount Vernon Assessed Value
$221,550
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 Mount Vernon, Linn County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52314 | $75,750 | $157,775 | $221,550 | $299,350 | $372,950 |
Source: Ownwell
Property Tax Bills Across Mount Vernon, Linn County, Iowa
In Mount Vernon, IA, located in Linn County, property tax bills are calculated based on the assessed value of the property, which reflects its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. Several factors influence this calculation, including the property's location, size, and any applicable exemptions or deductions. For instance, the median home price in Mount Vernon is $221,550, and property tax bills can vary significantly. Homeowners in the 25th percentile can expect to pay around $3,242, while those in the 75th percentile might see bills as high as $5,990. At the 90th percentile, tax bills can reach up to $8,423. These amounts highlight the range of tax burdens that homeowners might face, depending on their property's assessed value and the specific tax rate applied. Compared to the national median property tax rate of 0.99%, Mount Vernon's property tax rates can be relatively high, impacting homeowners' annual expenses.
Average Mount Vernon Tax Bill
$4,348
Average Linn County Tax Bill
$3,328
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Vernon, Linn County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52314 | $2,224 | $3,242 | $4,348 | $5,990 | $8,423 |
Source: Ownwell