Milan, Minnesota Property Taxes
The median property tax rate in Milan, MN is 0.63%, which is significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Milan at $163,350, the typical annual property tax bill amounts to $965, well below the national median of $2,690. Property taxes in Milan are determined based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Milan'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 Milan or another part of Swift County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Milan, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Milan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milan 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 Milan, Minnesota
Property taxes in Milan, Minnesota, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Milan is 0.63%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Milan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milan 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 Milan's effective property tax rate to other counties in Minnesota and the national median. For comparison, the ZIP code 56262 has both the highest and lowest median property tax rate of 0.63%. Understanding how these cities compare with Milan provides valuable insights into the varying tax landscape across Swift County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milan Tax Rate
0.63%
Average Swift County Tax Rate
0.99%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milan, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56262 | 0.31% | 0.51% | 0.63% | 0.74% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Milan, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Milan, Minnesota. 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 Swift County Assessor 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 Milan, 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. The median home price in Milan is $163,350, with tax bills ranging from $694 at the 25th percentile to $2,990 at the 90th percentile. The median tax bill is highest in zip code 56262, at $965. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Milan Assessed Value
$163,350
Average Swift County Assessed Value
$128,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milan, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56262 | $28,380 | $98,850 | $163,350 | $432,600 | $567,510 |
Source: Ownwell
Property Tax Bills Across Milan, Minnesota
In Milan, located in Swift County, MN, property tax bills are calculated based on the assessed value of the property and the applicable tax rate. The assessed value is determined by local assessors who evaluate the property's market value. This value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the property's location, size, and condition. Homeowners in Milan experience varying tax bills, with the 25th percentile paying around $694, while those in the 75th percentile face bills averaging $2,036. The highest median tax bill in the area is $965, which is significantly lower than the national median property tax rate of 0.99%. These tax bills directly impact homeowners by influencing their annual financial planning and potentially affecting property values. High property taxes can deter potential buyers, while lower taxes might make the area more attractive. Understanding these factors helps homeowners anticipate their financial obligations and manage their budgets effectively.
Average Milan Tax Bill
$965
Average Swift County Tax Bill
$1,162
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Milan, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56262 | $252 | $694 | $965 | $2,036 | $2,990 |
Source: Ownwell