Fulda, Minnesota Property Taxes
The median property tax rate in Fulda, MN is 0.83%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Fulda, the typical annual property tax bill amounts to $1,182, significantly below the national median of $2,690. Property taxes in Fulda are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fulda'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 Fulda 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
Fulda, 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 Fulda Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate 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 essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Fulda is 0.83%, which is lower 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 zip code 56131 has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Fulda provides valuable insights into the varying tax landscape across Nobles County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fulda Tax Rate
0.83%
Average Nobles County Tax Rate
1.00%
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 | 0.67% | 0.76% | 0.83% | 1.05% | 1.52% |
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 Nobles 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, the median home price in Fulda is $154,400, with tax bills ranging significantly from $124 at the 25th percentile to $2,058 at the 75th percentile, and up to $2,972 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fulda Assessed Value
$154,400
Average Nobles County Assessed Value
$169,800
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 | $2,000 | $10,050 | $154,400 | $291,850 | $456,900 |
Source: Ownwell
Property Tax Bills Across Fulda, Minnesota
In Fulda, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. Several factors influence the final tax bill, including property location, improvements, and any eligible exemptions. For homeowners in Fulda, the median home price is $154,400. Property tax bills can vary significantly, with the 25th percentile paying around $124 and the 75th percentile paying up to $2,058. At the 90th percentile, tax bills can reach as high as $2,972. Compared to the national median property tax rate of 0.99%, Fulda's tax rates can be relatively affordable or quite substantial, depending on the specific property and its assessed value. This variability in tax bills affects homeowners by influencing their overall housing costs and financial planning.
Average Fulda Tax Bill
$1,182
Average Nobles County Tax Bill
$1,588
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 | $24 | $124 | $1,182 | $2,058 | $2,972 |
Source: Ownwell