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First half property tax statements out next week as first half payment due - Albia Newspapers: News

First half property tax statements out next week as first half payment due

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Posted: Wednesday, August 9, 2017 10:21 am

Property taxes due this fall (2017) and next spring (2018) have been computed by the Monroe County Auditor and turned over to the Monroe County Treasurer for distribution and collection. You should expect to see your statement arrive within the next week.

What Affects My Property Tax bill?

There are many variables that affect property tax bills. Major factors include the following:

• Tax asking of each taxing entity (i.e. schools, cities, county, hospital, townships, etc)

• Property assessment

• State ordered equalizations and property assessment rollbacks

• Tax credits paid by the state of Iowa to reduce property taxes (i.e.-homestead, military, elderly credit, ag land, family farm, business tax)

• City and rural tax abatement programs

What happened in the current year?

For property taxes paid in the fall of 2017 and the spring of 2018, the total property taxes levied countywide is 1.75 percent higher than the previous year. If your tax bill change is substantially higher or lower than the percentage increase in tax asking, other factors previously mentioned above may be influencing your particular tax billing.

Each of the 30 tax districts in Monroe County have different total tax rates made up of the compilation of each applicable taxing entity levy rates. Rural properties have total tax levies ranging from $27.98 per $1,000 of taxable valuation in Mantua Township (EBF School District) to $33.14 per $1,000 in Guilford Township. City properties have total tax levies ranging from $39.19 per $1,000 of taxable valuation in Moravia City to $48.15 per $1,000 in Albia City.

How are tax levies set?

Tax levies are the result of a taxing entity’s budgeted property tax revenue in relation to the taxable valuation. Monroe County’s total taxable valuation excluding utilities is $433,076,903.

How is my property tax bill calculated?

Property taxes are calculated by multiplying the net assessed value by the appropriate state rollback rate, divided by $1,000, multiplied by the combined total tax levies of the applicable taxing entities, less any applicable credits.

Where does my tax money go?

Property tax dollars are distributed by the County Treasurer to the following taxing entities: Local Schools, Cities, County, Hospital, Assessor, Ag Extension, Area School (IHCC), Townships and Brucellosis (State Fund).

On average, rural property owners will see the following distribution of their property tax dollars:

Local School 44%

County 39%

Hospital 9%

Area School (IHCC) 3%

Assessor 2%

Township 2%

Ag Extension 1%

Brucellosis Fund <1%

On average, city property owners will see the following distribution of their property tax dollars:

City 35%

Local School 33%

County 20%

Hospital 7%

Area School (IHCC) 2%

Assessor 2%

Ag Extension 1%

Brucellosis Fund <1%

Who Can Answer My Questions?

If you have questions about your property tax bill, there are several offices involved in the process that can help answer those questions.

Please contact the County Treasurer’s Office at 641-932-5011 with questions on how to read your tax statement, what credits you are getting and questions on the elderly tax credit.

Please contact the County Assessor at 641-932-2180 for questions concerning your property assessment and tax credits and abatements.

Please contact the County Auditor’s Office at 641-932-2865 for questions regarding tax levies, tax asking of various taxing entities, rollbacks and property ownership. Also, please contact the County Auditor’s Office for more information concerning the information within this article or visit http://www.monroecoia.us/announcements.htm and select “Property Tax Press Release.”

© 2017 Albia Newspapers. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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