Montgomery, Minnesota Property Taxes
The median property tax rate in Montgomery, MN is 1.28%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Montgomery at $261,050, the typical annual property tax bill reaches $3,258, exceeding the national median of $2,690. Property taxes in Montgomery 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 Montgomery'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 Montgomery 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
Montgomery, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.28%
Estimate Property Tax Bill
$3,341
Ownwell’s Montgomery Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Montgomery with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montgomery 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 Montgomery, Minnesota
Property taxes in Montgomery, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Montgomery is 1.28%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Montgomery set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montgomery 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 Montgomery's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56069 zip code has both the highest and lowest median property tax rate of 1.28%. Understanding how these cities compare with Montgomery provides valuable insights into the varying tax landscape across Le Sueur County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Montgomery Tax Rate
1.28%
Average Le Sueur County Tax Rate
1.14%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montgomery, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56069 | 0.87% | 0.98% | 1.28% | 1.36% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Montgomery, Minnesota
In Montgomery, 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 Le Sueur 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 Montgomery, 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 Montgomery helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 56069 has the highest and lowest median tax bill at $3,258. With a median home price of $261,050, homeowners can compare their property tax bills to the national median property tax rate of 0.99%.
Average Montgomery Assessed Value
$261,050
Average Le Sueur County Assessed Value
$290,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Montgomery, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56069 | $152,660 | $198,150 | $261,050 | $358,875 | $512,680 |
Source: Ownwell
Property Tax Bills Across Montgomery, Minnesota
In Montgomery, located in Le Sueur County, MN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate factors such as property size, location, and market conditions. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, the median home price in Montgomery is $261,050. Homeowners in this area can expect tax bills ranging from the 25th percentile at $2,474 to the 75th percentile at $4,262, with the 90th percentile reaching up to $5,192. The highest and lowest median tax bills in the area both stand at $3,258, which is significantly higher than the national median property tax rate of 0.99%. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Homeowners need to be aware of these costs as they can significantly impact their overall financial planning and homeownership affordability.
Average Montgomery Tax Bill
$3,258
Average Le Sueur County Tax Bill
$3,200
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Montgomery, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56069 | $1,800 | $2,474 | $3,258 | $4,262 | $5,192 |
Source: Ownwell