Milaca, Minnesota Property Taxes
The median property tax rate in Milaca, MN is 0.57%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Milaca, the typical annual property tax bill reaches $2,263, slightly below the national median of $2,690. Property taxes in Milaca 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 Milaca'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 Milaca 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
Milaca, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$2,072
Ownwell’s Milaca Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milaca with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milaca 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 Milaca, Minnesota
Property taxes in Milaca, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milaca is 0.57%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Milaca set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milaca 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 Milaca's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56353 has the highest median property tax rate of 0.57%, while the same zip code also has the lowest median tax rate of 0.57%. Understanding how these cities compare with Milaca provides valuable insights into the varying tax landscape across Isanti County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milaca Tax Rate
0.57%
Average Isanti County Tax Rate
0.95%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milaca, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56353 | 0.28% | 0.31% | 0.57% | 0.79% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Milaca, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Milaca, 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 Isanti 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 Milaca, 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 highest and lowest median tax bills in Milaca both stand at $2,263 in the 56353 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Milaca Assessed Value
$363,450
Average Isanti County Assessed Value
$289,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milaca, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56353 | $107,700 | $246,375 | $363,450 | $538,650 | $782,900 |
Source: Ownwell
Property Tax Bills Across Milaca, Minnesota
In Milaca, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor’s office. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Factors such as property size, location, and market conditions influence the assessed value. For instance, the median home price in Milaca is $363,450. Homeowners in Milaca can expect property tax bills to vary significantly. At the 25th percentile, tax bills are around $1,078, while those at the 75th percentile reach $3,326, and at the 90th percentile, they can go up to $4,476. These figures illustrate the range of property tax burdens homeowners might face. Given that the national median property tax rate is 0.99%, homeowners in Milaca may find their tax bills comparable or slightly higher, depending on their property's assessed value. Understanding these factors helps homeowners budget effectively and anticipate their annual tax obligations.
Average Milaca Tax Bill
$2,263
Average Isanti County Tax Bill
$2,982
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Milaca, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56353 | $432 | $1,078 | $2,263 | $3,326 | $4,476 |
Source: Ownwell