Albany, Minnesota Property Taxes
The median property tax rate in Albany, MN, is 0.32%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $441,350 in Albany, the typical annual property tax bill amounts to $1,618, which is well below the national median of $2,690. Property taxes in Albany are calculated based on the assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Albany'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 Albany or another part of Morrison County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Albany, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.32%
Estimate Property Tax Bill
$1,412
Ownwell’s Albany Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Albany with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Albany 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 Albany, Minnesota
Property taxes in Albany, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Albany is 0.32%, significantly lower than the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Albany set these rates annually, and they can vary significantly across different neighborhoods. Each year, Albany 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. Understanding how Albany's property tax rate compares to other areas in Morrison County and the national median provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albany Tax Rate
0.32%
Average Morrison County Tax Rate
0.85%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albany, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56307 | 0.26% | 0.30% | 0.32% | 0.40% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Albany, Minnesota
In Albany, 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 Morrison 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 Albany, 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 example, the median home price in Albany is $441,350, with tax bills ranging from $1,256 at the 25th percentile to $2,390 at the 90th percentile. The zip code 56307 has the highest and lowest median tax bill at $1,618. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage the tax burden effectively.
Average Albany Assessed Value
$441,350
Average Morrison County Assessed Value
$210,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albany, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56307 | $280,910 | $353,000 | $441,350 | $557,750 | $624,770 |
Source: Ownwell
Property Tax Bills Across Albany, Minnesota
In Albany, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value reflects the market value of the property. The tax rate in Morrison County is applied to this assessed value to determine the annual tax bill. For example, the median home price in Albany is $441,350, and tax bills can vary significantly. Homeowners in the 25th percentile pay around $1,256 annually, while those in the 75th percentile face bills closer to $2,186. The 90th percentile sees tax bills as high as $2,390. Several factors influence these tax bills, including property size, location, and any applicable exemptions or deductions. High property taxes can impact homeowners by increasing the overall cost of homeownership, potentially affecting housing affordability. Understanding how these factors interplay helps homeowners anticipate their financial obligations and plan accordingly. Compared to the national median property tax rate of 0.99%, Albany's property tax rates highlight regional variations that can significantly influence household budgets.
Average Albany Tax Bill
$1,618
Average Morrison County Tax Bill
$1,722
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Albany, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56307 | $991 | $1,256 | $1,618 | $2,186 | $2,390 |
Source: Ownwell