Medford, Minnesota Property Taxes
The median property tax rate in Medford, MN is 1.07%, which is higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Medford at $254,300, the typical annual property tax bill reaches $2,546, slightly below the national median of $2,690. Property taxes in Medford 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 Medford'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 Medford 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
Medford, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$2,721
Ownwell’s Medford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Medford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Medford 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 Medford, Minnesota
Property taxes in Medford, Minnesota, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Medford is 1.07%, higher than the U.S. national median of 0.99%. Local government entities within Medford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medford 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 Medford's effective property tax rate to other areas in Steele County and the national median. For comparison, the zip code 55049 has both the highest and lowest median property tax rate of 1.07%. Understanding how these areas compare with Medford provides valuable insights into the varying tax landscape across Steele County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Medford Tax Rate
1.07%
Average Steele County Tax Rate
1.36%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Medford, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55049 | 0.29% | 0.81% | 1.07% | 1.28% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Medford, Minnesota
In Medford, 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 Steele 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 Medford, 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 Medford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $2,546 in the 55049 zip code.
Average Medford Assessed Value
$254,300
Average Steele County Assessed Value
$246,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Medford, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55049 | $28,460 | $153,400 | $254,300 | $372,800 | $638,120 |
Source: Ownwell
Property Tax Bills Across Medford, Minnesota
In Medford, Steele County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The process begins with the county assessor determining the market value of the property. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the assessed value, including the home's size, age, location, and any improvements made. For example, the median home price in Medford is $254,300, and homeowners can expect to pay varying amounts in property taxes depending on their property's assessed value. The 25th percentile tax bill is around $1,050, while the 75th percentile reaches up to $3,631, and the 90th percentile can be as high as $4,800. These property taxes fund essential local services such as schools, public safety, and infrastructure maintenance. Compared to the national median property tax rate of 0.99%, the rates in Medford can significantly impact homeowners' annual expenses, making it crucial for them to understand how their tax bills are determined.
Average Medford Tax Bill
$2,546
Average Steele County Tax Bill
$2,874
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Medford, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55049 | $262 | $1,050 | $2,546 | $3,631 | $4,800 |
Source: Ownwell