Harmony, Minnesota Property Taxes
The median property tax rate in Harmony, MN is 0.73%, notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Harmony at $174,200, the typical annual property tax bill amounts to $1,342, which is well below the national median of $2,690. Property taxes in Harmony are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Harmony'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 Harmony or another part of Fillmore County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Harmony, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$1,272
Ownwell’s Harmony Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Harmony with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Harmony 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 Harmony, Minnesota
Property taxes in Harmony, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Harmony is 0.73%, lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Harmony set these rates annually, and they can vary significantly across different neighborhoods. Each year, Harmony 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 Harmony's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55939 zip code has the highest median property tax rate of 0.73%, while the same zip code also has the lowest median tax rate of 0.73%. Understanding how these cities compare with Harmony 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 Harmony Tax Rate
0.73%
Average Fillmore County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Harmony, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55939 | 0.22% | 0.44% | 0.73% | 1.02% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Harmony, Minnesota
In Harmony, 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 Harmony, 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. For instance, the median home price in Harmony is $174,200, with tax bills ranging from $776 at the 25th percentile to $2,936 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Harmony Assessed Value
$174,200
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 Harmony, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55939 | $49,600 | $112,200 | $174,200 | $310,800 | $718,220 |
Source: Ownwell
Property Tax Bills Across Harmony, Minnesota
In Harmony, located in Fillmore County, MN, property tax bills are calculated based on the assessed value of a property and the local tax rate. The median home price in Harmony is $174,200. Homeowners can expect their tax bills to vary significantly, with the 25th percentile at $776 and the 75th percentile reaching $1,991. For those in the 90th percentile, tax bills can go up to $2,936. The highest and lowest median tax bills in the area are both $1,342, indicating a consistent tax rate across different properties. The assessed value is determined by local assessors who evaluate the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property improvements, neighborhood changes, and market conditions can influence the assessed value. For homeowners, understanding these factors is crucial as they directly impact the amount owed in property taxes, affecting overall housing affordability and financial planning.
Average Harmony Tax Bill
$1,342
Average Fillmore County Tax Bill
$1,586
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Harmony, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55939 | $314 | $776 | $1,342 | $1,991 | $2,936 |
Source: Ownwell