51040 Property Tax Rate

Property owners in ZIP code 51040 (Onawa, Iowa) pay a median of $1,793/year in property taxes on homes valued at $140,400. This translates to an effective tax rate of 1.28%, which is near the Iowa state average of 1.28%.

The monthly property tax burden for a median-valued home in 51040 is approximately $149, which factors into escrow payments on mortgages. This ZIP code is located within Monona County. This is $272 less than the Iowa average of $2,065/year.

Compared to similar ZIP codes in Iowa, 51040 has higher property taxes. ZIP codes with similar effective rates include 52338 (1.28%) and 50157 (1.28%).

In Onawa, property taxes represent approximately 3.0% of the median household income of $60,642, providing context for the relative tax burden on homeowners in this area.

Iowa applies no cap to property tax increases and taxes at full market value, so the Monona County Assessor will set your bill based on your home's current fair market value at purchase. The Homestead Property Tax Credit (HPTC) helps homeowners with household income under $32,400, offering tax relief up to $1,375 per year based on home and income values. File your HPTC claim with the Monona County Assessor within 60 days of closing to qualify for the credit on your next tax statement.