Mazeppa, Minnesota Property Taxes
The median property tax rate in Mazeppa, MN is 1.16%, higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Mazeppa at $246,600, the typical annual property tax bill reaches $2,280, which is below the national median of $2,690. Property taxes in Mazeppa are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence or agricultural exemptions. Understanding Mazeppa'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 Mazeppa or another part of Olmsted County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mazeppa, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$2,861
Ownwell’s Mazeppa Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Mazeppa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mazeppa 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 Mazeppa, Minnesota
Property taxes in Mazeppa, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mazeppa is 1.16%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Mazeppa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mazeppa 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 Mazeppa's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55956 zip code has the highest median property tax rate of 1.16%, while the same zip code also has the lowest median tax rate of 1.16%. Understanding how these cities compare with Mazeppa 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 Mazeppa Tax Rate
1.16%
Average Olmsted County Tax Rate
1.24%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mazeppa, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55956 | 0.95% | 1.00% | 1.16% | 1.24% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Mazeppa, Minnesota
In Mazeppa, 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 Mazeppa, 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 Mazeppa is $246,600, with tax bills ranging from $135 at the 25th percentile to $3,413 at the 90th percentile. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mazeppa Assessed Value
$246,600
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 Mazeppa, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55956 | $7,300 | $10,900 | $246,600 | $260,200 | $333,540 |
Source: Ownwell
Property Tax Bills Across Mazeppa, Minnesota
In Mazeppa, located in Olmsted County, MN, property tax bills are calculated based on the assessed value of the property. This assessed value is determined by local assessors who evaluate the market value of homes in the area. Homeowners in Mazeppa can expect their tax bills to vary significantly, with the 25th percentile tax bill at $135 and the 75th percentile tax bill at $2,839. At the 90th percentile, tax bills can reach up to $3,413. Factors influencing these tax bills include the property's assessed value, local tax rates, and any applicable exemptions or deductions. The median home price in Mazeppa is $246,600, which serves as a benchmark for understanding how property values align with tax obligations. Compared to the national median property tax rate of 0.99%, Mazeppa's property tax rates can significantly impact homeowners' annual expenses. Understanding these factors can help homeowners anticipate their financial responsibilities and plan accordingly.
Average Mazeppa Tax Bill
$2,280
Average Olmsted County Tax Bill
$3,296
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Mazeppa, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55956 | $93 | $135 | $2,280 | $2,839 | $3,413 |
Source: Ownwell