Frost, Minnesota Property Taxes
The median property tax rate in Frost, MN is 1.49%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Frost at $67,800, the typical annual property tax bill reaches $928, which is lower than the national median of $2,690. Property taxes in Frost 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 Frost'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 Frost 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
Frost, 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 Frost Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Frost with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Frost 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 Frost, Minnesota
Property taxes in Frost, Minnesota, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Frost is 1.49%, significantly higher than the U.S. national median of 0.99%. Local government entities within Frost set these rates annually, and they can vary across different neighborhoods. Each year, Frost 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 Frost's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56033 zip code has the highest median property tax rate of 1.49%, while the same zip code also has the lowest median tax rate of 1.49%. Understanding how these cities compare with Frost provides valuable insights into the varying tax landscape across Faribault County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Frost Tax Rate
1.49%
Average Faribault County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Frost, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56033 | 0.57% | 0.82% | 1.49% | 1.86% | 2.64% |
Source: Ownwell
Property Tax Assessment Values Across Frost, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Frost, Minnesota. 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 Faribault 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 Frost, 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. The median home price in Frost is $67,800, with tax bills ranging from $627 at the 25th percentile to $1,939 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 56033, with a value of $928. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Frost Assessed Value
$67,800
Average Faribault County Assessed Value
$99,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Frost, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56033 | $4,730 | $38,700 | $67,800 | $96,900 | $250,930 |
Source: Ownwell
Property Tax Bills Across Frost, Minnesota
In Frost, located in Faribault County, MN, property tax bills are calculated based on the assessed value of a homeowner's property. The median home price in Frost is $67,800, and the tax bill can vary significantly depending on this assessed value. Key factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions. Homeowners in Frost can expect their property tax bills to range widely. For instance, the 25th percentile tax bill is around $627, while the 75th percentile tax bill can reach up to $1,335. At the higher end, the 90th percentile tax bill is approximately $1,939. These figures highlight the variability in property taxes within the city. Comparatively, the highest and lowest median tax bills in Frost are both $928, which aligns with the national median property tax rate of 0.99%. This means that homeowners in Frost face property tax bills that can significantly impact their annual expenses, depending on the assessed value and specific circumstances of their property.
Average Frost Tax Bill
$928
Average Faribault County Tax Bill
$1,105
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Frost, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56033 | $98 | $627 | $928 | $1,335 | $1,939 |
Source: Ownwell