Fulda, Minnesota Property Taxes
The median property tax rate in Fulda, MN is 1.06%, slightly higher than the national median of 0.99% but below the Minnesota state median of 1.11%. With the median home value in Fulda at $161,800, the typical annual property tax bill amounts to $1,592, which is lower than the national median of $2,690. Property taxes in Fulda are determined based on the tax assessed value, which is often less than the market value due to exemptions like those for primary residences and agricultural properties. By understanding Fulda's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve significant annual savings. Whether you're in the heart of Fulda or another part of the city, familiarizing yourself with the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Fulda, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$1,715
Ownwell’s Fulda Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Fulda with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fulda 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 Fulda, Minnesota
Property taxes in Fulda, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fulda is 1.06%, higher than the U.S. national median of 0.99%. Local government entities within Fulda set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fulda 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 Fulda's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56131 zip code has the highest median property tax rate of 1.06%, while the 56131 zip code also has the lowest median tax rate of 1.06%. Understanding how these cities compare with Fulda 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 Fulda Tax Rate
1.06%
Average Murray County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fulda, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56131 | 0.40% | 0.92% | 1.06% | 1.19% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Fulda, Minnesota
In Fulda, 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 Fulda, 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 Fulda is $161,800, with tax bills ranging significantly. The 25th percentile tax bill is $864, while the 75th percentile reaches $2,458, and the 90th percentile can be as high as $3,755. The highest and lowest median tax bills are both $1,592 in the 56131 zip code. 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 Fulda Assessed Value
$161,800
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 Fulda, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56131 | $48,340 | $91,950 | $161,800 | $259,150 | $439,180 |
Source: Ownwell
Property Tax Bills Across Fulda, Minnesota
In Fulda, located in Murray County, MN, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For Fulda homeowners, the median home price is $161,800. Tax bills can vary significantly, with the 25th percentile tax bill at $864 and the 75th percentile tax bill at $2,458, indicating a range of property values and tax rates within the area. At the 90th percentile, tax bills can reach up to $3,755. The highest and lowest median tax bills in the area are both $1,592, which is above the national median property tax rate of 0.99%. For homeowners in Fulda, understanding these factors is crucial for financial planning, as property taxes represent a significant annual expense tied directly to property values and local tax policies.
Average Fulda Tax Bill
$1,592
Average Murray County Tax Bill
$1,236
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Fulda, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56131 | $482 | $864 | $1,592 | $2,458 | $3,755 |
Source: Ownwell