Racine, Minnesota Property Taxes
The median property tax rate in Racine, Minnesota is 0.93%, slightly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Racine at $314,600, the typical annual property tax bill reaches $2,831, surpassing the national median of $2,690. Property taxes in Racine are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Racine'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 Racine 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
Racine, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$2,926
Ownwell’s Racine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Racine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Racine 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 Racine, Minnesota
Property taxes in Racine, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Racine is 0.93%, which is slightly below the U.S. national median of 0.99%. Local government entities within Racine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Racine 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 Racine's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55967 has the highest median property tax rate of 0.93%, while the same zip code also has the lowest median tax rate of 0.93%. Understanding how these cities compare with Racine provides valuable insights into the varying tax landscape across Mower County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Racine Tax Rate
0.93%
Average Mower County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Racine, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55967 | 0.42% | 0.78% | 0.93% | 1.06% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Racine, Minnesota
In Racine, 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 Mower 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 Racine, 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 zip code 55967 has the highest median tax bill at $2,831, which is significant when compared to national trends. 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 Racine helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Racine Assessed Value
$314,600
Average Mower County Assessed Value
$155,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Racine, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55967 | $43,200 | $195,000 | $314,600 | $505,400 | $881,200 |
Source: Ownwell
Property Tax Bills Across Racine, Minnesota
In Racine, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is then multiplied by the local tax rate, which varies depending on the specific needs and budgets of the local government and school districts. Homeowners in Racine, MN, experience a range of property tax bills. For instance, the tax bill at the 25th percentile is $1,740, while at the 75th percentile, it rises to $4,176, and at the 90th percentile, it reaches $5,452. These figures indicate significant variability depending on the value and location of the property within the city. Compared to the national median property tax rate of 0.99%, Racine's tax rates can have a substantial impact on homeowners, influencing their overall financial planning and property affordability. Homeowners should be aware of these factors when budgeting for their annual expenses.
Average Racine Tax Bill
$2,831
Average Mower County Tax Bill
$1,856
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Racine, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55967 | $566 | $1,740 | $2,831 | $4,176 | $5,452 |
Source: Ownwell