Fountain, Minnesota Property Taxes
The median property tax rate in Fountain, MN is 0.62%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Fountain at $243,500, the typical annual property tax bill is about $1,578, which is well below the national median of $2,690. Property taxes in Fountain are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Fountain'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 Fountain 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
Fountain, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$1,510
Ownwell’s Fountain Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fountain with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fountain 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 Fountain, Minnesota
Property taxes in Fountain, Minnesota, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Fountain is 0.62%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Fountain set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fountain 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 Fountain's effective property tax rate to other counties in Minnesota and the national median. For comparison, the ZIP code 55935 has both the highest and lowest median property tax rate of 0.62%. Understanding how these cities compare with Fountain provides valuable insights into the varying tax landscape across Fillmore County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fountain Tax Rate
0.62%
Average Fillmore County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fountain, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55935 | 0.23% | 0.43% | 0.62% | 0.85% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Fountain, Minnesota
In Fountain, 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 Fillmore 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 Fountain, 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 Fountain helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,578, found in the 55935 zip code.
Average Fountain Assessed Value
$243,500
Average Fillmore County Assessed Value
$193,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fountain, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55935 | $108,000 | $163,100 | $243,500 | $422,100 | $762,280 |
Source: Ownwell
Property Tax Bills Across Fountain, Minnesota
In Fountain, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. The assessed value is a percentage of the market value of the home. For instance, with a median home price of $243,500, the assessed value plays a crucial role in determining the final tax bill. Factors such as property size, location, and improvements are considered during the assessment. Homeowners in Fountain can expect a range of property tax bills. The 25th percentile tax bill is around $1,034, while those in the 75th percentile pay about $2,206. At the higher end, the 90th percentile tax bill is approximately $2,833. The median property tax rate in Fountain is comparable to the national median of 0.99%. These property taxes significantly impact homeowners, influencing their annual financial planning and overall cost of homeownership. High property taxes can affect affordability, while lower taxes may make homeownership more accessible.
Average Fountain Tax Bill
$1,578
Average Fillmore County Tax Bill
$1,586
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Fountain, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55935 | $500 | $1,034 | $1,578 | $2,206 | $2,833 |
Source: Ownwell