Aurora, Minnesota Property Taxes
The median property tax rate in Aurora, MN is 1.39%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Aurora at $91,000, the typical annual property tax bill reaches $1,268, still below the national median of $2,690. Property taxes in Aurora 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 Aurora'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 Aurora 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
Aurora, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.39%
Estimate Property Tax Bill
$1,265
Ownwell’s Aurora Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Aurora with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Aurora 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 Aurora, Minnesota
Property taxes in Aurora, Minnesota, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Aurora is 1.39%, which is higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Aurora set these rates annually, and they can vary significantly across different neighborhoods. Each year, Aurora 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 Aurora's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55705 zip code has the highest median property tax rate of 1.39%, while the 55705 zip code also has the lowest median tax rate of 1.39%. Understanding how these cities compare with Aurora provides valuable insights into the varying tax landscape across St. Louis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Aurora Tax Rate
1.39%
Average St. Louis County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Aurora, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55705 | 0.79% | 1.07% | 1.39% | 2.09% | 2.56% |
Source: Ownwell
Property Tax Assessment Values Across Aurora, Minnesota
In Aurora, 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 St. Louis 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 Aurora, 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 Aurora helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Aurora is $91,000, with the highest median tax bill in zip code 55705 at $1,268.
Average Aurora Assessed Value
$91,000
Average St. Louis County Assessed Value
$137,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Aurora, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55705 | $8,240 | $44,600 | $91,000 | $147,000 | $234,130 |
Source: Ownwell
Property Tax Bills Across Aurora, Minnesota
In Aurora, located in St. Louis 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 Aurora is $91,000. Property taxes are influenced by various factors, including the property's assessed value, local tax rates, and applicable exemptions. Homeowners in Aurora can expect a wide range of tax bills. For instance, the 25th percentile tax bill is around $480, while the 75th percentile tax bill reaches $2,240. At the higher end, the 90th percentile tax bill can be as much as $3,564. The property tax rate in Aurora can be compared to the national median property tax rate of 0.99%, offering a perspective on how local taxes stand relative to national figures. High property taxes can significantly impact homeowners by increasing the cost of owning a home, while lower taxes can make homeownership more affordable. Understanding these factors is crucial for homeowners to manage their financial planning effectively.
Average Aurora Tax Bill
$1,268
Average St. Louis County Tax Bill
$1,738
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Aurora, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55705 | $146 | $480 | $1,268 | $2,240 | $3,564 |
Source: Ownwell