Mora, Minnesota Property Taxes
The median property tax rate in Mora, MN is 1.01%, slightly surpassing the national median of 0.99% but lower than the Minnesota state median of 1.11%. With a median home value of $272,500 in Mora, the typical annual property tax bill amounts to $3,324, significantly higher than the national median of $2,690. Property taxes in Mora are calculated based on the tax assessed value, which generally falls below the market value due to exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Mora's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Mora or another part of Mille Lacs County, comprehending 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
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
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 1.01%, slightly 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 for setting property tax rates. The data below compares Mora's effective property tax rate to other areas in Mille Lacs County and the national median. For comparison, the 55051 zip code has both the highest and lowest median property tax rate of 1.01%. Understanding how these areas compare with Mora provides valuable insights into the varying tax landscape across Mille Lacs County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mora Tax Rate
1.01%
Average Mille Lacs County Tax Rate
1.02%
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 | 0.89% | 0.96% | 1.01% | 1.08% | 1.21% |
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 Mille Lacs 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 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. For instance, the median home price in Mora is $272,500, with tax bills ranging from $2,144 at the 25th percentile to $4,006 at the 90th percentile. The highest and lowest median tax bills are both $3,324 in zip code 55051. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mora Assessed Value
$272,500
Average Mille Lacs County Assessed Value
$240,400
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 | $160,820 | $222,800 | $272,500 | $330,000 | $372,060 |
Source: Ownwell
Property Tax Bills Across Mora, Minnesota
In Mora, located in Mille Lacs County, MN, property tax bills are calculated based on the assessed value of the property. The median home price in this area is $272,500, which is used as a benchmark for determining tax obligations. Factors such as property size, location, and improvements influence the assessed value. Once the property is assessed, the local tax rate is applied to this value to calculate the annual tax bill. Homeowners in Mora can expect tax bills to vary significantly. For instance, the 25th percentile tax bill is around $2,144, while the 75th percentile reaches $3,528, and the 90th percentile can go up to $4,006. These variations reflect differences in property values and local tax policies. Compared to the national median property tax rate of 0.99%, Mora's rates can be higher, affecting homeowners by increasing their annual financial obligations. Understanding these factors is crucial for property owners to manage their budgets effectively and anticipate future tax bills.
Average Mora Tax Bill
$3,324
Average Mille Lacs County Tax Bill
$2,562
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 | $1,465 | $2,144 | $3,324 | $3,528 | $4,006 |
Source: Ownwell