Melrose, Minnesota Property Taxes
The median property tax rate in Melrose, MN is 0.84%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Melrose, the typical annual property tax bill amounts to $2,120, which is below the national median of $2,690. Property taxes in Melrose are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Melrose'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 Melrose 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
Melrose, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$2,142
Ownwell’s Melrose Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Melrose with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Melrose 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 Melrose, Minnesota
Property taxes in Melrose, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Melrose is 0.84%, lower than both the Minnesota state median of 1.05% and the U.S. national median of 0.99%. Local government entities within Melrose set these rates annually, and they can vary significantly across different neighborhoods. Each year, Melrose 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 Melrose's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56352 zip code has the highest median property tax rate of 0.84%, while the 56352 zip code has the lowest median tax rate of 0.84%. Understanding how these cities compare with Melrose provides valuable insights into the varying tax landscape across Stearns County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Melrose Tax Rate
0.84%
Average Stearns County Tax Rate
1.08%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Melrose, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56352 | 0.34% | 0.71% | 0.84% | 0.99% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Melrose, Minnesota
In Melrose, 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 Stearns 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 Melrose, 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. For instance, the median home price in Melrose is $255,050. The tax bills range significantly, with the 25th percentile at $1,406 and the 90th percentile reaching $3,925. The highest and lowest median tax bills are both $2,120 in zip code 56352. Being aware of these valuation processes in Melrose helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Melrose Assessed Value
$255,050
Average Stearns County Assessed Value
$269,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Melrose, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56352 | $121,100 | $167,425 | $255,050 | $396,925 | $669,650 |
Source: Ownwell
Property Tax Bills Across Melrose, Minnesota
In Melrose, located in Stearns 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 county assessors who evaluate the market value of the property. Once the market value is established, it is multiplied by the local tax rate to calculate the annual tax bill. Homeowners in Melrose face varying tax bills depending on their property’s assessed value. For instance, the 25th percentile tax bill is around $1,406, while the 75th percentile reaches up to $3,021. At the higher end, the 90th percentile tax bill can climb to $3,925. The median home price in Melrose is $255,050, and with a tax rate that can be compared to the national median property tax rate of 0.99%, residents can gauge how their property taxes align with national averages. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances accordingly.
Average Melrose Tax Bill
$2,120
Average Stearns County Tax Bill
$2,818
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Melrose, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56352 | $939 | $1,406 | $2,120 | $3,021 | $3,925 |
Source: Ownwell