Morton, Minnesota Property Taxes
The median property tax rate in Morton, MN is 1.41%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Morton at $75,700, the typical annual property tax bill reaches $964, which is still below the national median of $2,690. Property taxes in Morton 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 Morton'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 Morton 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
Morton, 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 Morton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morton 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 Morton, Minnesota
Property taxes in Morton, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morton is 1.41%, significantly higher than both the Minnesota state median of 1.12% and the U.S. national median of 0.99%. Local government entities within Morton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morton 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 Morton's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56270 zip code has the highest median property tax rate of 1.41%, while the same zip code also has the lowest median tax rate of 1.41%. Understanding how these cities compare with Morton provides valuable insights into the varying tax landscape across Renville County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morton Tax Rate
1.41%
Average Renville County Tax Rate
1.31%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56270 | 0.47% | 0.67% | 1.41% | 1.77% | 2.25% |
Source: Ownwell
Property Tax Assessment Values Across Morton, Minnesota
In Morton, 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 Renville 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 Morton, 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. For instance, the median home price in Morton is $75,700, and the tax bills can range significantly. The 25th percentile tax bill is $584, while the 75th percentile tax bill is $1,606, and the 90th percentile tax bill reaches $2,673. 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 Morton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Morton Assessed Value
$75,700
Average Renville County Assessed Value
$142,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56270 | $17,150 | $44,150 | $75,700 | $154,325 | $305,200 |
Source: Ownwell
Property Tax Bills Across Morton, Minnesota
In Morton, located in Renville 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 the county assessor and reflects the market value of the property. Homeowners in Morton can expect their property tax bill to vary significantly depending on the value of their homes and the specific tax rate applied. For instance, in Morton, the median home price is $75,700. Property tax bills in this area range from the 25th percentile at $584 to the 75th percentile at $1,606, with the 90th percentile reaching up to $2,673. These figures indicate that homeowners with higher-valued properties will face higher tax bills. Compared to the national median property tax rate of 0.99%, Morton's tax rates can be seen as relatively moderate. However, the specific tax burden on homeowners can vary widely based on the assessed value of their property. Understanding these factors is crucial for homeowners as it directly impacts their annual financial planning and long-term investment in their property.
Average Morton Tax Bill
$964
Average Renville County Tax Bill
$1,564
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Morton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56270 | $222 | $584 | $964 | $1,606 | $2,673 |
Source: Ownwell