Morgan, Minnesota Property Taxes
The median property tax rate in Morgan, MN is 1.22%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Morgan, the typical annual property tax bill reaches $1,242, exceeding the national median of $2,690. Property taxes in Morgan are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Morgan'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 Morgan 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
Morgan, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.22%
Estimate Property Tax Bill
$1,285
Ownwell’s Morgan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morgan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morgan 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 Morgan, Minnesota
Property taxes in Morgan, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morgan is 1.22%, which is higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Morgan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morgan 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 Morgan's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56266 zip code has both the highest and lowest median property tax rate of 1.22%. Understanding how these cities compare with Morgan provides valuable insights into the varying tax landscape across Redwood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morgan Tax Rate
1.22%
Average Redwood County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morgan, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56266 | 0.74% | 1.09% | 1.22% | 1.49% | 1.86% |
Source: Ownwell
Property Tax Assessment Values Across Morgan, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Morgan, 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. Assessment notices in Morgan 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 Morgan is $105,350, with the 25th percentile tax bill at $738 and the 75th percentile tax bill at $2,073. The highest median tax bill is $1,242 in the 56266 zip code, which also has the lowest median tax bill. Understanding these valuation processes helps property owners identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Morgan Assessed Value
$105,350
Average Redwood County Assessed Value
$117,650
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morgan, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56266 | $18,660 | $60,825 | $105,350 | $172,275 | $268,780 |
Source: Ownwell
Property Tax Bills Across Morgan, Minnesota
In Morgan, located in Redwood County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by local government officials who evaluate the property's market value. For homeowners in Morgan, the median home price stands at $105,350. The property tax rate in Redwood County aligns closely with the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the home's assessed value, any applicable exemptions, and the local tax rate. Homeowners in Morgan can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is approximately $738, while the 75th percentile tax bill reaches up to $2,073. At the 90th percentile, tax bills can be as high as $2,971. These property taxes play a crucial role in funding local services such as schools, public safety, and infrastructure, directly impacting the quality of life for Morgan residents. Understanding these factors can help homeowners better anticipate their annual financial obligations.
Average Morgan Tax Bill
$1,242
Average Redwood County Tax Bill
$1,276
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Morgan, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56266 | $269 | $738 | $1,242 | $2,073 | $2,971 |
Source: Ownwell