Fertile, Minnesota Property Taxes
The median property tax rate in Fertile, MN is 1.11%, aligning with the state median but higher than the national median of 0.99%. With the median home value in Fertile, the typical annual property tax bill reaches $1,771, which is below the national median of $2,690. Property taxes in Fertile are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fertile'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 Fertile 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
Fertile, 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 Fertile Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Fertile with just two key data points. By inputting your property's estimated assessed value, the calculator applies the median tax rate in Fertile to provide an estimate of your property tax bill. This valuable tool offers a clear picture of potential tax liabilities, aiding in financial planning and decision-making. For those interested in more detailed trends at the neighborhood level, additional localized information is available further down the page. Your property’s assessed value is the figure assigned by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Fertile, Minnesota
Property taxes in Fertile, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Fertile is 1.11%, which is higher than the U.S. national median of 0.99%. Local government entities within Fertile set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fertile 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 Fertile's effective property tax rate to other areas in Minnesota and the national median. For comparison, the 56540 zip code has the highest median property tax rate of 1.11%, while the same zip code also has the lowest median tax rate of 1.11%. Understanding how these areas compare with Fertile provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fertile Tax Rate
1.11%
Average Polk County Tax Rate
1.34%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fertile, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56540 | 0.53% | 0.97% | 1.11% | 1.31% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Fertile, Minnesota
In Fertile, 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 Polk 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 Fertile, 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 Fertile helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Fertile is $1,771 in the 56540 zip code, while the lowest median tax bill is also $1,771 in the same zip code.
Average Fertile Assessed Value
$161,100
Average Polk County Assessed Value
$183,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fertile, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56540 | $58,260 | $99,800 | $161,100 | $230,000 | $364,120 |
Source: Ownwell
Property Tax Bills Across Fertile, Minnesota
In Fertile, MN, property tax bills are calculated based on the assessed value of the property and the local tax rate. The median home price in Fertile stands at $161,100. Homeowners in this area can expect their tax bills to vary significantly. At the 25th percentile, the tax bill is approximately $1,183, while at the 75th percentile, it rises to around $2,354. For those in the 90th percentile, the tax bill can reach up to $3,123. Several factors influence these tax bills, including the property's assessed value, local levy rates, and any applicable exemptions. The assessed value is determined by the county assessor and reflects the market value of the property. Local governments then apply their tax rates to this assessed value to calculate the tax bill. Compared to the national median property tax rate of 0.99%, Fertile's homeowners experience a range of tax burdens that can significantly impact their annual finances, depending on their property's value and any qualifying exemptions.
Average Fertile Tax Bill
$1,771
Average Polk County Tax Bill
$2,200
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Fertile, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56540 | $808 | $1,183 | $1,771 | $2,354 | $3,123 |
Source: Ownwell