Austin, Minnesota Property Taxes
The median property tax rate in Austin, MN is 0.94%, slightly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Austin at $286,850, the typical annual property tax bill reaches $2,698, just under the national median of $2,690. Property taxes in Austin 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 Austin'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 Austin 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
Austin, 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 Austin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Austin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Austin 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 Austin, Minnesota
Property taxes in Austin, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Austin is 0.94%, which is slightly below the U.S. national median of 0.99%. Local government entities within Austin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Austin 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 Austin's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55912 zip code has both the highest and lowest median property tax rate of 0.94%. Understanding how these cities compare with Austin provides valuable insights into the varying tax landscape across Freeborn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Austin Tax Rate
0.94%
Average Freeborn County Tax Rate
1.25%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Austin, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55912 | 0.43% | 0.68% | 0.94% | 1.07% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Austin, Minnesota
In Austin, 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 local 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 Austin, 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 Austin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 55912 has the highest median tax bill at $2,698, which is above the national median property tax rate of 0.99%.
Average Austin Assessed Value
$286,850
Average Freeborn County Assessed Value
$133,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Austin, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55912 | $96,920 | $185,525 | $286,850 | $508,200 | $899,760 |
Source: Ownwell
Property Tax Bills Across Austin, Minnesota
In Austin, Minnesota, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the estimated market value of the property. This value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's size, location, condition, and recent sales of comparable properties. Homeowners in Austin can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $1,580, while at the 75th percentile, it rises to $4,172. The 90th percentile sees tax bills as high as $5,871. These property taxes fund essential public services such as schools, roads, and emergency services, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Austin's property taxes can vary widely, reflecting the diverse range of property values within the city.
Average Austin Tax Bill
$2,698
Average Freeborn County Tax Bill
$1,666
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Austin, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55912 | $755 | $1,580 | $2,698 | $4,172 | $5,871 |
Source: Ownwell