Elgin, Minnesota Property Taxes
The median property tax rate in Elgin, MN is 0.82%, 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 $248,650 in Elgin, the typical annual property tax bill amounts to $2,107, falling below the national median of $2,690. Property taxes in Elgin are calculated based on the tax assessed value, which often comes in lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Elgin'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 Elgin 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
Elgin, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$2,039
Ownwell’s Elgin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elgin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elgin 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 Elgin, Minnesota
Property taxes in Elgin, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Elgin is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Elgin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elgin 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 Elgin's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 55932 has both the highest and lowest median property tax rate of 0.82%. Understanding how these areas compare with Elgin provides valuable insights into the varying tax landscape across Olmsted County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elgin Tax Rate
0.82%
Average Olmsted County Tax Rate
1.24%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elgin, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55932 | 0.74% | 0.79% | 0.82% | 0.84% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Elgin, Minnesota
In Elgin, 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 Olmsted 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 Elgin, 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 highest median tax bill in Elgin is $2,107 in zip code 55932, while the lowest is also $2,107 in the same zip code. By being aware of these valuation processes, homeowners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elgin Assessed Value
$248,650
Average Olmsted County Assessed Value
$264,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elgin, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55932 | $62,240 | $161,575 | $248,650 | $297,625 | $369,340 |
Source: Ownwell
Property Tax Bills Across Elgin, Minnesota
In Elgin, 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. Various factors influence the assessed value, including the home's size, location, and market conditions. For homeowners in Elgin, the median home price stands at $248,650. Property tax bills can vary significantly, with the 25th percentile tax bill at approximately $1,402 and the 75th percentile reaching up to $2,438. The highest tax bills, at the 90th percentile, are around $3,138. These figures highlight the range of property tax burdens that homeowners may face. Comparatively, the national median property tax rate is 0.99%, making it crucial for homeowners to understand how their local rates and assessed values impact their financial obligations. Higher property taxes can influence housing affordability and overall cost of living in the region.
Average Elgin Tax Bill
$2,107
Average Olmsted County Tax Bill
$3,296
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Elgin, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55932 | $503 | $1,402 | $2,107 | $2,438 | $3,138 |
Source: Ownwell