Montgomery, Minnesota Property Taxes
The median property tax rate in Montgomery, MN is 0.51%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Montgomery, the typical annual property tax bill reaches $2,262, which is below the national median of $2,690. Property taxes in Montgomery 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 Montgomery'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 Montgomery 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
Montgomery, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$2,264
Ownwell’s Montgomery Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Montgomery with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montgomery to estimate your property tax bill. This intuitive tool helps you comprehend potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by the county for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Montgomery, Minnesota
Property taxes in Montgomery, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Montgomery is 0.51%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Montgomery set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montgomery 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 Montgomery's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56069 zip code has both the highest and lowest median property tax rate of 0.51%. Understanding how these cities compare with Montgomery provides valuable insights into the varying tax landscape across Rice County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Montgomery Tax Rate
0.51%
Average Rice County Tax Rate
0.89%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montgomery, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56069 | 0.27% | 0.32% | 0.51% | 0.72% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Montgomery, Minnesota
In Montgomery, 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 Rice 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 Montgomery, 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 Montgomery helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Montgomery is $2,262 in zip code 56069, while the lowest is also $2,262 in the same zip code.
Average Montgomery Assessed Value
$443,900
Average Rice County Assessed Value
$294,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Montgomery, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56069 | $147,780 | $305,150 | $443,900 | $638,250 | $889,720 |
Source: Ownwell
Property Tax Bills Across Montgomery, Minnesota
In Montgomery, located in Rice County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The tax rate is applied to this assessed value to determine the final tax bill. Factors such as the market value of the property, local tax rates, and any applicable exemptions or deductions play crucial roles in determining the tax amount. For instance, the median home price in Montgomery is $443,900, which can result in varying tax bills depending on specific property characteristics and exemptions. Homeowners in Montgomery can expect their tax bills to range significantly. For example, the 25th percentile tax bill is $1,308, while the 75th percentile tax bill reaches $3,332. At the 90th percentile, tax bills can soar to $4,670. These figures highlight the potential financial impact on homeowners, making it essential for them to understand the factors influencing their property tax obligations and seek ways to manage or reduce their tax burden effectively.
Average Montgomery Tax Bill
$2,262
Average Rice County Tax Bill
$2,471
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Montgomery, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56069 | $446 | $1,308 | $2,262 | $3,332 | $4,670 |
Source: Ownwell