Felton, Minnesota Property Taxes
The median property tax rate in Felton, MN is 0.64%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Felton being $316,600, the typical annual property tax bill reaches $2,403, which is below the national median of $2,690. Property taxes in Felton 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 Felton'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 Felton 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
Felton, 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 Felton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Felton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Felton 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 Felton, Minnesota
Property taxes in Felton, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Felton is 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within Felton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Felton 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 Felton's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56536 has both the highest and lowest median property tax rate in the region at 0.64%. Understanding how these cities compare with Felton provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Felton Tax Rate
0.64%
Average Clay County Tax Rate
1.36%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Felton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56536 | 0.30% | 0.48% | 0.64% | 0.94% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Felton, Minnesota
In Felton, 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 Clay 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 Felton, 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 Felton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2,403 in the 56536 zip code, while the lowest is also $2,403 in the same zip code.
Average Felton Assessed Value
$316,600
Average Clay County Assessed Value
$240,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Felton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56536 | $48,160 | $140,100 | $316,600 | $988,900 | $1,166,000 |
Source: Ownwell
Property Tax Bills Across Felton, Minnesota
Property tax bills in Felton, Clay County, MN, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the market value of the property. Once the market value is established, the assessed value is calculated, usually as a percentage of the market value. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors influence the final tax bill, including property size, location, and improvements made to the property. In Felton, homeowners can expect to pay a median property tax rate that aligns closely with the national median of 0.99%. For instance, the tax bill at the 25th percentile is $1,109, while at the 75th percentile, it reaches $3,837, and at the 90th percentile, it can go up to $6,439. These taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners.
Average Felton Tax Bill
$2,403
Average Clay County Tax Bill
$3,042
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Felton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56536 | $343 | $1,109 | $2,403 | $3,837 | $6,439 |
Source: Ownwell