Mora, Minnesota Property Taxes
The median property tax rate in Mora, MN is 1.16%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Mora, the typical annual property tax bill reaches $2,460, still below the national median of $2,690. Property taxes in Mora 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 Mora'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 Mora 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
Mora, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$2,365
Ownwell’s Mora Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mora with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mora 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 Mora, Minnesota
Property taxes in Mora, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mora is 1.16%, which is higher than the U.S. national median of 0.99%. Local government entities within Mora set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mora 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 Mora's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55051 has the highest median property tax rate of 1.16%, while the same zip code also has the lowest median tax rate of 1.16%. Understanding how these areas compare with Mora provides valuable insights into the varying tax landscape across Kanabec County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mora Tax Rate
1.16%
Average Kanabec County Tax Rate
1.11%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mora, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55051 | 0.86% | 1.03% | 1.16% | 1.34% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across Mora, Minnesota
In Mora, 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 Kanabec County Assessor 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 Mora, 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 Mora helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 55051 has the highest and lowest median tax bill, both at $2,460.
Average Mora Assessed Value
$203,900
Average Kanabec County Assessed Value
$192,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mora, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55051 | $25,400 | $98,600 | $203,900 | $286,500 | $385,000 |
Source: Ownwell
Property Tax Bills Across Mora, Minnesota
In Mora, Kanabec County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by county assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $203,900, homeowners can expect varying tax bills depending on their property's assessed value and applicable exemptions. Several factors influence the tax bill, including property size, location, and any improvements made. Homeowners in the 25th percentile of tax bills pay around $1,156 annually, while those in the 75th percentile face bills closer to $3,440. At the higher end, the 90th percentile sees tax bills reaching up to $4,415. The highest median tax bill noted in the area is $2,460. These property taxes fund local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Homeowners must stay informed about their property's assessed value and any available exemptions to manage their tax liabilities effectively.
Average Mora Tax Bill
$2,460
Average Kanabec County Tax Bill
$2,112
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Mora, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55051 | $402 | $1,156 | $2,460 | $3,440 | $4,415 |
Source: Ownwell