Taunton, Minnesota Property Taxes
The median property tax rate in Taunton, MN is 0.33%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Taunton, the typical annual property tax bill reaches $1,794, well below the national median of $2,690. Property taxes in Taunton 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 Taunton'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 Taunton 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
Taunton, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.33%
Estimate Property Tax Bill
$1,973
Ownwell’s Taunton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Taunton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Taunton 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 Taunton, Minnesota
Property taxes in Taunton, Minnesota, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Taunton is 0.33%, significantly lower than both the Minnesota state median of 0.90% and the U.S. national median of 0.99%. Local government entities within Taunton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Taunton 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 Taunton's effective property tax rate to other counties in Minnesota and the national median. For comparison, the ZIP code with the highest median property tax rate in Minnesota has a rate of 1.50%, while the ZIP code with the lowest median tax rate has a rate of 0.25%. Understanding how these cities compare with Taunton provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Taunton Tax Rate
0.33%
Average Lincoln County Tax Rate
0.54%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Taunton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56291 | 0.19% | 0.23% | 0.33% | 0.45% | 0.54% |
Source: Ownwell
Property Tax Assessment Values Across Taunton, Minnesota
In Taunton, 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 Lincoln 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 Taunton, 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 Taunton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 56291 has both the highest and lowest median tax bill, valued at $1794.
Average Taunton Assessed Value
$598,000
Average Lincoln County Assessed Value
$232,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Taunton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56291 | $150,360 | $307,300 | $598,000 | $1,225,075 | $1,708,890 |
Source: Ownwell
Property Tax Bills Across Taunton, Minnesota
In Taunton, located in Lincoln County, MN, property tax bills are determined by assessing the market value of a home and applying the local tax rate to that value. The process starts with the county assessor evaluating the property's market value, which is then multiplied by the local tax rate to calculate the annual tax bill. For example, with a median home price of $598,000, homeowners can expect their property taxes to vary significantly based on their property's assessed value and specific tax rate. Factors such as property location, size, and improvements can affect the assessed value, influencing the final tax bill. The 25th percentile of property tax bills in Taunton is around $1,004, while the 75th percentile reaches approximately $3,279, and the 90th percentile can be as high as $4,822. These figures illustrate the range of property tax obligations homeowners might face. Understanding these factors helps homeowners anticipate their annual tax expenses and plan their finances accordingly.
Average Taunton Tax Bill
$1,794
Average Lincoln County Tax Bill
$1,300
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Taunton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56291 | $517 | $1,004 | $1,794 | $3,279 | $4,822 |
Source: Ownwell