Dovray, Minnesota Property Taxes
The median property tax rate in Dovray, MN is 0.76%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $43,050 in Dovray, the typical annual property tax bill is around $325, significantly below the national median of $2,690. Property taxes in Dovray are based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Dovray's property tax system and exploring available exemptions can lead to substantial annual savings. Whether you're situated in the center of Dovray or another part of the city, gaining insight into the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Dovray, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$327
Ownwell’s Dovray Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dovray with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dovray 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 Dovray, Minnesota
Property taxes in Dovray, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Dovray is 0.76%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Dovray set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dovray 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 Dovray's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56125 has the highest median property tax rate of 0.76%, while the same zip code also has the lowest median tax rate of 0.76%. Understanding how these areas compare with Dovray provides valuable insights into the varying tax landscape across Murray County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dovray Tax Rate
0.76%
Average Murray County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dovray, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56125 | 0.69% | 0.71% | 0.76% | 0.93% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Dovray, Minnesota
In Dovray, 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 Murray 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 Dovray, 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. Notably, the median home price in Dovray is $43,050. The tax bills vary significantly, with the 25th percentile at $94 and the 75th percentile at $598. 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 Dovray helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Dovray Assessed Value
$43,050
Average Murray County Assessed Value
$177,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dovray, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56125 | $3,000 | $11,900 | $43,050 | $94,625 | $124,090 |
Source: Ownwell
Property Tax Bills Across Dovray, Minnesota
In Dovray, Murray County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Dovray is $43,050, and the property tax rate in the area is typically aligned with the national median rate of 0.99%. This means homeowners can expect to pay around $325 annually, which is consistent across the zip code 56125. Several factors influence the property tax bill, including the property's assessed value, any applicable exemptions, and the local tax rate. For example, the 25th percentile tax bill is $94, while the 75th percentile reaches $598, and the 90th percentile can go up to $844. These variations can significantly impact homeowners, especially those with higher-valued properties or fewer exemptions. Understanding these factors can help homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Dovray Tax Bill
$325
Average Murray County Tax Bill
$1,236
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Dovray, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56125 | $24 | $94 | $325 | $598 | $844 |
Source: Ownwell