Rockford, Minnesota Property Taxes
The median property tax rate in Rockford, MN is 1.23%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Rockford, the typical annual property tax bill reaches $5,462, exceeding the national median of $2,690. Property taxes in Rockford 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 Rockford'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 Rockford 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
Rockford, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$5,437
Ownwell’s Rockford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rockford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rockford 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 Rockford, Minnesota
Property taxes in Rockford, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rockford is 1.23%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Rockford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rockford 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 Rockford's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55373 zip code has the highest median property tax rate of 1.23%, while the same zip code also has the lowest median tax rate of 1.23%. Understanding how these cities compare with Rockford provides valuable insights into the varying tax landscape across Hennepin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rockford Tax Rate
1.23%
Average Hennepin County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rockford, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55373 | 1.16% | 1.20% | 1.23% | 1.28% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Rockford, Minnesota
In Rockford, 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 Hennepin 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 Rockford, 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. For instance, the median home price in Rockford is $442,000, with tax bills ranging from $3,388 at the 25th percentile to $10,657 at the 90th percentile. The highest and lowest median tax bills are both $5,462, found in the 55373 zip code. 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 Rockford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rockford Assessed Value
$442,000
Average Hennepin County Assessed Value
$350,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rockford, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55373 | $243,400 | $283,500 | $442,000 | $633,500 | $807,000 |
Source: Ownwell
Property Tax Bills Across Rockford, Minnesota
In Rockford, Hennepin County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Rockford is $442,000, and the property tax rate is influenced by various factors including local government budgets, school district funding, and public services. Homeowners in Rockford can expect property tax bills to vary significantly. For instance, tax bills at the 25th percentile are around $3,388, while those at the 75th percentile reach up to $8,033. The top 10% of tax bills can be as high as $10,657. This variation in property tax bills means that homeowners need to be aware of how their property is assessed and the specific tax rate applied. The highest median tax bill in the area is $5,462, which is notably higher than the national median property tax rate of 0.99%. Understanding these factors can help homeowners anticipate their annual tax obligations and budget accordingly.
Average Rockford Tax Bill
$5,462
Average Hennepin County Tax Bill
$4,453
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Rockford, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55373 | $2,858 | $3,388 | $5,462 | $8,033 | $10,657 |
Source: Ownwell