Vermillion, Minnesota Property Taxes
The median property tax rate in Vermillion, MN is 0.86%, notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Vermillion at $298,900, the typical annual property tax bill is approximately $2,560, which is below the national median of $2,690. Property taxes in Vermillion are calculated based on the assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural land. Understanding Vermillion'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 Vermillion 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
Vermillion, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$2,571
Ownwell’s Vermillion Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vermillion with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vermillion 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 Vermillion, Minnesota
Property taxes in Vermillion, Minnesota, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Vermillion is 1.16%, which is higher than both the Minnesota state median of 1.05% and the U.S. national median of 0.99%. Local government entities within Vermillion set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vermillion 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 Vermillion's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55085 zip code has the same median property tax rate of 1.16%. Understanding how these cities compare with Vermillion provides valuable insights into the varying tax landscape across Dakota County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Vermillion Tax Rate
0.86%
Average Dakota County Tax Rate
1.06%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vermillion, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55085 | 0.84% | 0.85% | 0.86% | 0.87% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Vermillion, Minnesota
In Vermillion, 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 Dakota 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 Vermillion, 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 Vermillion helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 55085 has the highest median tax bill at $2,560, while the lowest is also $2,560.
Average Vermillion Assessed Value
$298,900
Average Dakota County Assessed Value
$344,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Vermillion, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55085 | $236,980 | $260,900 | $298,900 | $337,300 | $399,520 |
Source: Ownwell
Property Tax Bills Across Vermillion, Minnesota
In Vermillion, located in Dakota County, MN, property tax bills 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 property's market value. This value is then multiplied by the local tax rate to determine the annual tax bill. Homeowners in Vermillion experience property tax bills that vary significantly, with the 25th percentile tax bill at $2,218 and the 75th percentile reaching $2,926. At the 90th percentile, tax bills can go up to $3,532, indicating a broad range of property values and corresponding tax obligations. The median home price in Vermillion is $298,900, which is relatively high compared to other regions. This directly impacts the tax bills, as higher property values lead to higher taxes. For context, the national median property tax rate is 0.99%, making Vermillion's rates competitive but still significant for homeowners. Understanding these factors helps homeowners anticipate their property tax obligations and manage their finances accordingly.
Average Vermillion Tax Bill
$2,560
Average Dakota County Tax Bill
$3,728
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Vermillion, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55085 | $1,945 | $2,218 | $2,560 | $2,926 | $3,532 |
Source: Ownwell