Mount Sterling, Iowa Property Taxes
The median property tax rate in Mount Sterling, IA is 0.97%, slightly below the national median of 0.99% and significantly lower than the Iowa state median of 1.54%. With a median home value of $79,710 in Mount Sterling, the typical annual property tax bill amounts to $734, which is considerably less than the national median of $2,690. Property taxes in Mount Sterling are calculated based on the assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Mount Sterling'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 Sterling 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 Sterling, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$773
Ownwell’s Mount Sterling Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Sterling with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Sterling 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 Sterling, Iowa
Property taxes in Mount Sterling, Iowa, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Sterling is 0.97%, slightly below the U.S. national median of 0.99%. Local government entities in Mount Sterling set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Sterling 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 Sterling's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52573 zip code has the highest median property tax rate of 0.97%, while the same zip code also has the lowest median tax rate of 0.97%. Understanding how these cities compare with Mount Sterling provides valuable insights into the varying tax landscape across Van Buren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Sterling Tax Rate
0.97%
Average Van Buren County Tax Rate
1.04%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Sterling, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52573 | 0.75% | 0.89% | 0.97% | 1.09% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Mount Sterling, Iowa
In Mount Sterling, 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 Van Buren 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 Sterling, 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 Sterling helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills is 52573, both at $734.
Average Mount Sterling Assessed Value
$79,710
Average Van Buren County Assessed Value
$93,400
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Sterling, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52573 | $13,424 | $41,375 | $79,710 | $157,158 | $239,680 |
Source: Ownwell
Property Tax Bills Across Mount Sterling, Iowa
In Mount Sterling, Van Buren County, IA, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The median home price in Mount Sterling is $79,710, and the median property tax rate in Iowa is 1.53%, higher than the national median of 0.99%. This rate is applied to the assessed value, resulting in varying tax bills for homeowners. For instance, tax bills in the 25th percentile are around $413, while those in the 75th percentile reach $1,587. At the 90th percentile, tax bills can go up to $2,305. Several factors influence these calculations, including property location, market value, and any applicable exemptions. Higher tax bills can significantly impact homeowners, affecting their annual budgeting and long-term financial planning. Conversely, lower tax bills offer some financial relief, making homeownership more affordable. Understanding these factors can help homeowners better anticipate their property tax obligations and manage their finances accordingly.
Average Mount Sterling Tax Bill
$734
Average Van Buren County Tax Bill
$987
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Sterling, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52573 | $125 | $413 | $734 | $1,587 | $2,305 |
Source: Ownwell