Miltona, Minnesota Property Taxes
The median property tax rate in Miltona, MN is 0.91%, 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 Miltona at $190,900, the typical annual property tax bill amounts to $1,744, falling below the national median of $2,690. Property taxes in Miltona are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Miltona'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 Miltona or another part of Otter Tail County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Miltona, 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 Miltona Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers a simple way to estimate their annual property taxes in Miltona. By inputting your property's estimated assessed value, the calculator uses the median tax rate specific to Miltona to provide an estimated property tax bill. This valuable tool helps you gauge potential tax liabilities with ease. For those interested in neighborhood-specific trends, more localized information is available further down the page. Your property’s assessed value, determined by Otter Tail County, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Miltona, Minnesota
Property taxes in Miltona, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Miltona is 0.91%, which is lower than the U.S. national median of 0.99%. Local government entities within Miltona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Miltona 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 Miltona's effective property tax rate to other counties in Minnesota and the national median. For comparison, the highest median property tax rate in Otter Tail County is 0.91%, while the lowest median tax rate is also 0.91%. Understanding how these cities compare with Miltona provides valuable insights into the varying tax landscape across Otter Tail County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Miltona Tax Rate
0.91%
Average Otter Tail County Tax Rate
0.74%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Miltona, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56354 | 0.91% | 0.91% | 0.91% | 0.91% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Miltona, Minnesota
In Miltona, 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 Otter Tail 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 Miltona, 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. Being aware of these valuation processes in Miltona helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Miltona is $190,900, with the highest and lowest median tax bills both recorded at $1,744 in the zip code 56354.
Average Miltona Assessed Value
$190,900
Average Otter Tail County Assessed Value
$204,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Miltona, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56354 | $190,900 | $190,900 | $190,900 | $190,900 | $190,900 |
Source: Ownwell
Property Tax Bills Across Miltona, Minnesota
In Miltona, located in Otter Tail County, MN, property tax bills are determined based on the assessed value of a home and the local tax rate. The assessed value is established by the county assessor and reflects the market value of the property. Homeowners in Miltona face a property tax rate that results in a median tax bill of $1,744, which is notably higher than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property improvements, changes in market conditions, and local government budgets. For instance, when the market value of homes increases, the assessed value typically rises, leading to higher tax bills. Conversely, if property values decrease, homeowners might see a reduction in their tax obligations. This tax system ensures that property taxes are proportionate to the value of the property, which can significantly impact homeowners' annual expenses. Understanding these factors can help homeowners anticipate their tax liabilities and manage their finances more effectively.
Average Miltona Tax Bill
$1,744
Average Otter Tail County Tax Bill
$1,674
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Miltona, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56354 | $1,744 | $1,744 | $1,744 | $1,744 | $1,744 |
Source: Ownwell