Mankato, Minnesota Property Taxes
The median property tax rate in Mankato, MN is 1.07%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With the median home value in Mankato at $259,600, the typical annual property tax bill reaches $2,776, which exceeds the national median of $2,690. Property taxes in Mankato are calculated based on the assessed value, which often falls below market value due to various exemptions like primary residence and agricultural exemptions. Understanding Mankato'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 Mankato 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
Mankato, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Mankato Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mankato with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mankato 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 Mankato, Minnesota
Property taxes in Mankato, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mankato is 1.07%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Mankato set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mankato 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 Mankato's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56001 zip code has the highest median property tax rate of 1.07%, while the 56001 zip code has the lowest median tax rate of 1.07%. Understanding how these cities compare with Mankato provides valuable insights into the varying tax landscape across Blue Earth County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mankato Tax Rate
1.07%
Average Blue Earth County Tax Rate
1.06%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mankato, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56001 | 0.82% | 0.98% | 1.07% | 1.13% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Mankato, Minnesota
In Mankato, 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 Blue Earth 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 Mankato, 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 Mankato helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills are both $2,776, found in the 56001 zip code.
Average Mankato Assessed Value
$259,600
Average Blue Earth County Assessed Value
$262,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mankato, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56001 | $88,100 | $191,300 | $259,600 | $351,400 | $470,300 |
Source: Ownwell
Property Tax Bills Across Mankato, Minnesota
In Mankato, property tax bills are calculated based on the assessed value of a home. The local tax assessor evaluates properties to determine their market value, which is then used to calculate the assessed value. This assessed value is multiplied by the local tax rate to determine the annual property tax bill. Factors such as property location, size, and improvements can influence the assessed value. For homeowners in Mankato, the median home price is $259,600, which can give a general idea of potential tax liabilities. Property tax bills can vary significantly, with the 25th percentile at $1,922 and the 75th percentile reaching $3,714. The 90th percentile sees bills as high as $4,941. The highest and lowest median tax bills in the area are both $2,776, indicating a consistent tax rate across different properties. Comparatively, the national median property tax rate is 0.99%, showcasing how local rates and home values impact what homeowners pay in property taxes.
Average Mankato Tax Bill
$2,776
Average Blue Earth County Tax Bill
$2,724
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Mankato, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56001 | $722 | $1,922 | $2,776 | $3,714 | $4,941 |
Source: Ownwell