Mcgregor, Minnesota Property Taxes
The median property tax rate in McGregor, MN, is 0.55%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in McGregor at $197,700, the typical annual property tax bill reaches $1,050, which is significantly below the national median of $2,690. Property taxes in McGregor are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding McGregor'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 McGregor 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
Mcgregor, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$1,087
Ownwell’s McGregor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in McGregor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in McGregor 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 Mcgregor, Minnesota
Property taxes in McGregor, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in McGregor is 0.55%, significantly lower than the U.S. national median of 0.99%. Local government entities within McGregor set these rates annually, and they can vary across different neighborhoods. Each year, McGregor 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 McGregor's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 55760 has the highest median property tax rate of 0.55%, while the same zip code also has the lowest median tax rate of 0.55%. Understanding how these areas compare with McGregor provides valuable insights into the varying tax landscape across Aitkin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mcgregor Tax Rate
0.55%
Average Aitkin County Tax Rate
0.51%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mcgregor, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55760 | 0.45% | 0.50% | 0.55% | 0.60% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Mcgregor, Minnesota
In McGregor, Minnesota, 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 Aitkin County Appraisal District 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 McGregor, 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 McGregor 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 bill is 55760, both recorded at $1,050.
Average Mcgregor Assessed Value
$197,700
Average Aitkin County Assessed Value
$189,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mcgregor, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55760 | $24,190 | $78,600 | $197,700 | $342,875 | $521,970 |
Source: Ownwell
Property Tax Bills Across Mcgregor, Minnesota
In McGregor, located in Aitkin County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Factors such as property size, location, and condition are considered in this assessment. Homeowners in McGregor experience varying property tax bills. For instance, the 25th percentile tax bill is $396, while the 75th percentile tax bill is $1,880. The 90th percentile tax bill can go up to $2,814. These figures illustrate the range of property tax obligations that residents might face. Comparatively, the median property tax rate in McGregor aligns closely with the national median of 0.99%, ensuring that homeowners are not disproportionately burdened. Understanding these factors helps homeowners anticipate their annual tax liabilities and budget accordingly. This system aims to distribute the tax burden fairly based on property values and local needs.
Average Mcgregor Tax Bill
$1,050
Average Aitkin County Tax Bill
$932
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Mcgregor, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55760 | $126 | $396 | $1,050 | $1,880 | $2,814 |
Source: Ownwell