Cyrus, Minnesota Property Taxes
The median property tax rate in Cyrus, MN is 1.03%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With the median home value in Cyrus at $142,400, the typical annual property tax bill is $1,467, which is below the national median of $2,690. Property taxes in Cyrus are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Cyrus'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 Cyrus 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
Cyrus, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$1,467
Ownwell’s Cyrus Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Cyrus using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cyrus to provide an estimated property tax bill. This valuable tool helps you grasp potential tax liabilities effectively. For those interested in more granular insights, you can explore trends at the neighborhood level by scrolling down for localized information. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Cyrus, Minnesota
Property taxes in Cyrus, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cyrus is 1.03%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Cyrus set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cyrus 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 Cyrus's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56323 zip code has the highest median property tax rate of 1.03%, while the 56323 zip code also has the lowest median tax rate of 1.03%. Understanding how these cities compare with Cyrus provides valuable insights into the varying tax landscape across Pope County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cyrus Tax Rate
1.03%
Average Pope County Tax Rate
0.66%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cyrus, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56323 | 0.39% | 0.65% | 1.03% | 1.22% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Cyrus, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cyrus, Minnesota. The market value represents 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 local 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 Cyrus, 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. The median home price in Cyrus is $142,400, with tax bills ranging from $810 at the 25th percentile to $3,147 at the 90th percentile. The highest and lowest median tax bills in the area are both $1,467, found in zip code 56323. Understanding these valuation concepts helps property owners navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Cyrus Assessed Value
$142,400
Average Pope County Assessed Value
$275,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cyrus, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56323 | $38,700 | $81,150 | $142,400 | $309,450 | $735,900 |
Source: Ownwell
Property Tax Bills Across Cyrus, Minnesota
In Cyrus, located in Pope County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $142,400, the property tax rate in Cyrus results in a median tax bill of $1,467. Factors such as location, property size, and home improvements can influence the assessed value, leading to variations in tax bills. Homeowners in the 25th percentile pay around $810, while those in the 75th percentile face tax bills closer to $2,260. At the 90th percentile, tax bills can reach up to $3,147. Compared to the national median property tax rate of 0.99%, Cyrus presents a relatively moderate tax landscape. Understanding these factors is crucial for homeowners to anticipate their financial responsibilities and plan accordingly.
Average Cyrus Tax Bill
$1,467
Average Pope County Tax Bill
$1,948
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Cyrus, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56323 | $413 | $810 | $1,467 | $2,260 | $3,147 |
Source: Ownwell