Montour, Iowa Property Taxes
The median property tax rate in Montour, IA is 1.62%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Montour, the typical annual property tax bill reaches $1,485, which is below the national median of $2,690. Property taxes in Montour are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Montour'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 Montour or another part of Tama County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Montour, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.62%
Estimate Property Tax Bill
$1,400
Ownwell’s Montour Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Montour with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montour 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 Montour, Iowa
Property taxes in Montour, Iowa, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Montour is 1.62%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Montour set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montour 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 Montour's effective property tax rate to other areas in Iowa and the national median. For comparison, the zip code 50173 has the same highest and lowest median property tax rate of 1.62%. Understanding how these areas compare with Montour provides valuable insights into the varying tax landscape across Tama County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Montour Tax Rate
1.62%
Average Tama County Tax Rate
1.60%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montour, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50173 | 1.10% | 1.30% | 1.62% | 2.02% | 2.41% |
Source: Ownwell
Property Tax Assessment Values Across Montour, Iowa
In Montour, 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 Tama 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 Montour, 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 Montour helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Montour is $86,410, with tax bills ranging from $870 at the 25th percentile to $3,206 at the 90th percentile. The highest and lowest median tax bills are both $1,485 in the 50173 zip code.
Average Montour Assessed Value
$86,410
Average Tama County Assessed Value
$107,220
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Montour, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50173 | $18,742 | $47,375 | $86,410 | $167,190 | $238,538 |
Source: Ownwell
Property Tax Bills Across Montour, Iowa
Property tax bills in Montour, located in Tama County, IA, are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is a percentage of the property's market value. Once the assessed value is established, local tax rates, which are set by various taxing authorities, are applied to calculate the tax bill. For homeowners in Montour, the median home price is $86,410. Property tax bills can vary significantly, with the 25th percentile at $870, the 75th percentile at $2,316, and the 90th percentile reaching up to $3,206. These figures highlight the range of potential tax liabilities homeowners might face. Compared to the national median property tax rate of 0.99%, Montour's property tax rates can be considered moderate. However, the actual tax burden on homeowners can still be substantial, influencing decisions on homeownership and financial planning. Understanding these factors is crucial for homeowners to manage their expenses effectively.
Average Montour Tax Bill
$1,485
Average Tama County Tax Bill
$1,687
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Montour, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50173 | $304 | $870 | $1,485 | $2,316 | $3,206 |
Source: Ownwell