Elko New Market, Minnesota Property Taxes
The median property tax rate in Elko New Market, MN is 1.08%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With a median home value of $428,200 in Elko New Market, homeowners face a typical annual property tax bill of $4,585, which surpasses the national median of $2,690. Property taxes here 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. Navigating Elko New Market's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Elko New Market or another part of Scott County, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Elko New Market, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$4,625
Ownwell’s Elko New Market Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Elko New Market with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elko New Market to provide an estimated property tax bill. This valuable tool helps you grasp potential tax liabilities. For those interested in seeing trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is the value assigned by Scott County for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Elko New Market, Minnesota
Property taxes in Elko New Market, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elko New Market is 1.08%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Elko New Market set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elko New Market 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 Elko New Market's effective property tax rate to other areas in Minnesota and the national median. For comparison, the 55020 zip code has the highest median property tax rate of 1.21%, while the 55054 zip code has the lowest median tax rate of 1.07%. Understanding how these cities compare with Elko New Market provides valuable insights into the varying tax landscape across Scott County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elko New Market Tax Rate
1.08%
Average Scott County Tax Rate
1.07%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elko New Market, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55020 | 0.70% | 0.82% | 1.21% | 1.26% | 1.28% |
| 55054 | 0.98% | 1.06% | 1.07% | 1.12% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Elko New Market, Minnesota
In Elko New Market, 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 Scott 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. 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 Elko New Market is $428,200, with tax bills varying significantly across different zip codes. For instance, the highest median tax bill is $4,888 in zip code 55020, while the lowest is $4,262 in zip code 55054. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Elko New Market, Minnesota
Source: Ownwell
$302,200
$478,575
$654,950
Average Elko New Market Assessed Value
$428,200
Average Scott County Assessed Value
$388,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elko New Market, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55020 | $289,880 | $391,700 | $470,100 | $560,700 | $688,220 |
| 55054 | $272,500 | $332,700 | $383,400 | $433,600 | $467,000 |
Source: Ownwell
Property Tax Bills Across Elko New Market, Minnesota
In Elko New Market, located in Scott County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $428,200. Property taxes are determined by multiplying the assessed value of the property by the local tax rate, which is influenced by various factors including school district funding, public services, and infrastructure costs. For homeowners, this means that the amount they pay in property taxes can vary significantly. For example, the tax bill at the 25th percentile is $3,644, while at the 75th percentile, it rises to $5,398. At the 90th percentile, homeowners can expect to pay around $6,348. These figures indicate a range of tax liabilities, reflecting different property values and local tax rates within the county. Compared to the national median property tax rate of 0.99%, homeowners in Elko New Market may find their tax bills to be a significant financial consideration, especially when factoring in the local assessed values and community needs.
Average Elko New Market Tax Bill
$4,585
Average Scott County Tax Bill
$4,100
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Elko New Market, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55020 | $2,936 | $3,789 | $4,888 | $5,792 | $6,680 |
| 55054 | $2,456 | $3,539 | $4,262 | $4,797 | $5,287 |
Source: Ownwell