Ormsby, Minnesota Property Taxes
The median property tax rate in Ormsby, MN is 1.04%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With a median home value of $145,900 in Ormsby, the typical annual property tax bill amounts to $1,474, which is below the national median of $2,690. Property taxes in Ormsby are calculated based on the assessed value, which often falls below the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Ormsby’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 Ormsby 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
Ormsby, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$1,517
Ownwell’s Ormsby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ormsby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ormsby 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 Ormsby, Minnesota
Property taxes in Ormsby, Minnesota, are crucial for funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Ormsby is 1.04%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Ormsby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ormsby 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 Ormsby's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56162 zip code has the highest median property tax rate of 1.04%, while the same zip code also has the lowest median tax rate of 1.04%. Understanding how these cities compare with Ormsby provides valuable insights into the varying tax landscape across Martin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ormsby Tax Rate
1.04%
Average Martin County Tax Rate
1.14%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ormsby, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56162 | 0.28% | 0.57% | 1.04% | 1.21% | 1.82% |
Source: Ownwell
Property Tax Assessment Values Across Ormsby, Minnesota
In Ormsby, 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 Martin 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 Ormsby, 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 Ormsby is $145,900, with tax bills ranging from $680 at the 25th percentile to $3,286 at the 90th percentile. The zip code 56162 has the highest median tax bill at $1,474. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ormsby Assessed Value
$145,900
Average Martin County Assessed Value
$139,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ormsby, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56162 | $16,860 | $65,850 | $145,900 | $397,450 | $1,175,640 |
Source: Ownwell
Property Tax Bills Across Ormsby, Minnesota
In Ormsby, located in Martin County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $145,900, homeowners in Ormsby can expect a wide range in their tax bills. The tax bill for the 25th percentile is around $680, while those in the 75th percentile pay approximately $2,381. At the higher end, the 90th percentile tax bill reaches $3,286. Several factors influence the tax bill, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. These taxes fund essential services like schools, infrastructure, and public safety. For homeowners, understanding these factors is crucial as they directly impact the affordability and financial planning associated with owning property in Ormsby. Comparing these figures to the national median property tax rate of 0.99% highlights the variability and importance of local tax policies.
Average Ormsby Tax Bill
$1,474
Average Martin County Tax Bill
$1,428
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Ormsby, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56162 | $262 | $680 | $1,474 | $2,381 | $3,286 |
Source: Ownwell