Mentor, Minnesota Property Taxes
The median property tax rate in Mentor, MN is 0.91%, slightly lower than the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $313,400 in Mentor, the typical annual property tax bill is $2,908, which is above the national median of $2,690. Property taxes in Mentor are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Mentor's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in significant annual savings. Whether you're in the heart of Mentor or another part of Polk County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mentor, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$2,852
Ownwell’s Mentor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mentor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mentor 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 Mentor, Minnesota
Property taxes in Mentor, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mentor is 0.91%, slightly below the U.S. national median of 0.99%. Local government entities within Mentor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mentor 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 Mentor's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56736 zip code has both the highest and lowest median property tax rate of 0.91%. Understanding how these cities compare with Mentor 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 Mentor Tax Rate
0.91%
Average Polk County Tax Rate
1.34%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mentor, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56736 | 0.83% | 0.87% | 0.91% | 1.00% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Mentor, Minnesota
In Mentor, 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 Mentor, 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 Mentor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 56736, with a tax bill of $2,908.
Average Mentor Assessed Value
$313,400
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 Mentor, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56736 | $57,100 | $166,950 | $313,400 | $454,900 | $629,270 |
Source: Ownwell
Property Tax Bills Across Mentor, Minnesota
Property tax bills in Mentor, Polk County, MN, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition, as well as recent sales of similar properties in the area. For homeowners in Mentor, the median home price is $313,400. Property tax bills can vary significantly, with the 25th percentile at $1,726 and the 75th percentile reaching $4,225. At the 90th percentile, tax bills can be as high as $6,012. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Homeowners in Mentor, therefore, need to be aware of these factors as they directly impact their annual financial obligations and the value of local community services.
Average Mentor Tax Bill
$2,908
Average Polk County Tax Bill
$2,200
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Mentor, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56736 | $906 | $1,726 | $2,908 | $4,225 | $6,012 |
Source: Ownwell