Mingo, Polk County, Iowa Property Taxes
The median property tax rate in Mingo, IA is 1.37%, which is higher than both the national median of 0.99% and Iowa's state median of 1.54%. With the median home value in Mingo at $445,500, the typical annual property tax bill amounts to $6,118, significantly surpassing the national median of $2,690. Property taxes in Mingo are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mingo'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 Mingo 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
Mingo, Polk County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$6,103
$5,664
Ownwell’s Mingo Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Mingo with ease. By entering your property's estimated assessed value, the calculator uses the median tax rate in Mingo to provide an accurate estimate of your property tax bill. This invaluable tool helps you understand potential tax liabilities and make informed decisions. For those interested in more granular insights, you can explore neighborhood-level trends by scrolling down. Your property’s assessed value, determined by the county, is crucial for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Mingo, Polk County, Iowa
Property taxes in Mingo, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mingo is 1.37%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Mingo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mingo 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 Mingo's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50168 zip code has both the highest and lowest median property tax rate of 1.37%. Understanding how these cities compare with Mingo provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mingo Tax Rate
1.37%
Average Polk County Tax Rate
1.69%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mingo, Polk County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50168 | 1.35% | 1.36% | 1.37% | 1.41% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Mingo, Polk County, Iowa
In Mingo, 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 Polk 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 Mingo, 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 Mingo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $6,118, found in zip code 50168, while the lowest median tax bill is also $6,118 in the same zip code.
Average Mingo Assessed Value
$445,500
Average Polk County Assessed Value
$231,500
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mingo, Polk County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50168 | $157,305 | $283,348 | $445,500 | $515,520 | $532,750 |
Source: Ownwell
Property Tax Bills Across Mingo, Polk County, Iowa
In Mingo, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the Polk County Assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions play a significant role in the assessed value. For instance, with a median home price of $445,500, homeowners in Mingo might expect a tax bill around $4,410, given the national median property tax rate of 0.99%. However, the actual tax bills can vary widely. At the 25th percentile, homeowners might see tax bills around $3,790, whereas those at the 75th percentile could face bills up to $7,340. The highest tax bills in the area reach up to $7,756. These variations significantly impact homeowners, influencing decisions on buying, selling, or investing in property. Understanding these factors allows homeowners to better anticipate their financial responsibilities and plan accordingly.
Average Mingo Tax Bill
$6,118
Average Polk County Tax Bill
$3,904
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Mingo, Polk County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50168 | $2,067 | $3,790 | $6,118 | $7,340 | $7,756 |
Source: Ownwell