Marshall, Minnesota Property Taxes
The median property tax rate in Marshall, MN is 1.18%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Marshall at $193,700, the typical annual property tax bill reaches $2,194, slightly below the national median of $2,690. Property taxes in Marshall 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 Marshall'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 Marshall 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
Marshall, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$2,286
Ownwell’s Marshall Property Tax Bill Calculator is a valuable resource for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Marshall. Simply input your property's estimated assessed value, and the calculator will apply the median tax rate for Marshall to provide an estimate of your property tax bill. This tool offers a clear understanding of potential tax liabilities, helping you make informed decisions. For those interested in more granular insights, you can explore trends at the neighborhood level by scrolling down. Your property's assessed value, determined by Lyon County, is used for tax calculations and considers any applicable exemptions.
Property Tax Rates Across Marshall, Minnesota
Property taxes in Marshall, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marshall is 1.18%, notably higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Marshall set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marshall 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 Marshall's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56258 has both the highest and lowest median property tax rate of 1.18%. Understanding how these cities compare with Marshall provides valuable insights into the varying tax landscape across Lyon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marshall Tax Rate
1.18%
Average Lyon County Tax Rate
1.21%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marshall, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56258 | 0.72% | 1.08% | 1.18% | 1.29% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Marshall, Minnesota
In Marshall, 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 Lyon 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 Marshall, 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. For instance, the median home price in Marshall is $193,700, with tax bills ranging from $1,394 at the 25th percentile to $3,018 at the 75th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Marshall Assessed Value
$193,700
Average Lyon County Assessed Value
$158,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marshall, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56258 | $63,700 | $125,300 | $193,700 | $267,550 | $353,420 |
Source: Ownwell
Property Tax Bills Across Marshall, Minnesota
In Marshall, Lyon County, MN, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in the area is $193,700. Property tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including local tax rates, property assessments, and any applicable exemptions or deductions. For a typical homeowner in Marshall, the tax bill can vary significantly. The 25th percentile tax bill is around $1,394, while the 75th percentile reaches $3,018. At the 90th percentile, homeowners might face a tax bill as high as $4,004. The highest median tax bill recorded in the area is $2,194, which is notably higher than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure. Consequently, homeowners in Marshall need to budget for these taxes as part of their annual financial planning.
Average Marshall Tax Bill
$2,194
Average Lyon County Tax Bill
$1,794
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Marshall, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56258 | $654 | $1,394 | $2,194 | $3,018 | $4,004 |
Source: Ownwell