Monroe, Marion County, Iowa Property Taxes
The median property tax rate in Monroe, IA is 1.20%, which is higher than both the national median of 0.99% and the Iowa state median of 1.54%. With a median home value in Monroe of $201,570, the typical annual property tax bill reaches $2,339, slightly below the national median of $2,690. Property taxes in Monroe are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as 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, Marion County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$2,419
$2,245
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, Marion County, Iowa
Property taxes in Monroe, Iowa, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Monroe is 1.20%, which is higher than 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 for 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 1.20%, while the same zip code also has the lowest median tax rate of 1.20%. Understanding how these cities compare with Monroe provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monroe Tax Rate
1.20%
Average Marion County Tax Rate
1.40%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monroe, Marion County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50170 | 1.08% | 1.15% | 1.20% | 1.29% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Monroe, Marion County, Iowa
In Monroe, 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 Marion 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 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. Being aware of these valuation processes in Monroe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 50170 has both the highest and lowest median tax bill at $2,339, reflecting the variability in property tax expenses within the area.
Property Tax Assessment Values Across Monroe, Marion County, Iowa
Source: Ownwell
$49,925
$161,023
$272,120
Average Monroe Assessed Value
$201,570
Average Marion County Assessed Value
$185,955
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monroe, Marion County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50170 | $89,492 | $139,388 | $201,570 | $277,658 | $362,179 |
Source: Ownwell
Property Tax Bills Across Monroe, Marion County, Iowa
In Monroe, located in Marion County, IA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. The median home price in Monroe is $201,570, and the property tax rate in Marion County is reflective of the broader state averages. Several factors influence the tax bill, including the property's size, location, and any improvements made. Homeowners in Monroe can expect their tax bills to vary, with the 25th percentile paying around $1,609 and the 75th percentile paying about $3,162 annually. For those in the 90th percentile, the tax bill can reach up to $3,952. This range of tax bills can impact homeowners differently, affecting their overall financial planning and the affordability of homeownership in Monroe.
Average Monroe Tax Bill
$2,339
Average Marion County Tax Bill
$2,660
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Monroe, Marion County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50170 | $851 | $1,609 | $2,339 | $3,162 | $3,952 |
Source: Ownwell