Aldrich, Minnesota Property Taxes
The median property tax rate in Aldrich, MN is 0.52%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Aldrich at $311,100, the typical annual property tax bill reaches $1,608, which is significantly below the national median of $2,690. Property taxes in Aldrich 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 Aldrich'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 Aldrich 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
Aldrich, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.52%
Estimate Property Tax Bill
$1,618
Ownwell’s Aldrich Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Aldrich with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Aldrich 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 Aldrich, Minnesota
Property taxes in Aldrich, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Aldrich is 0.52%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Aldrich set these rates annually, and they can vary significantly across different neighborhoods. Each year, Aldrich 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 Aldrich's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56434 has the highest median property tax rate of 0.52%, which is the same as the lowest median tax rate in the same zip code. Understanding how these cities compare with Aldrich provides valuable insights into the varying tax landscape across Todd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Aldrich Tax Rate
0.52%
Average Todd County Tax Rate
0.88%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Aldrich, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56434 | 0.32% | 0.38% | 0.52% | 0.88% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Aldrich, Minnesota
In Aldrich, 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 Todd 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 Aldrich, 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 Aldrich helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Aldrich is $1608 in the 56434 zip code, while the lowest is also $1608, highlighting a consistent tax environment.
Average Aldrich Assessed Value
$311,100
Average Todd County Assessed Value
$198,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Aldrich, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56434 | $48,200 | $153,900 | $311,100 | $434,400 | $544,400 |
Source: Ownwell
Property Tax Bills Across Aldrich, Minnesota
In Aldrich, located in Todd 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 the county assessor and reflects the estimated market value of the property. The tax rate is applied to this assessed value to determine the annual property tax bill. For homeowners in Aldrich, the property tax rate can significantly impact their finances. For example, the median home price in Aldrich is $311,100, and property tax bills range from $1,164 at the 25th percentile to $2,460 at the 90th percentile. This variation shows how different property values and specific local assessments can lead to a wide range of tax bills. Compared to the national median property tax rate of 0.99%, Aldrich's rates are competitive, offering homeowners a relatively moderate property tax burden. Understanding these factors can help homeowners in Aldrich better anticipate their annual property tax expenses and plan their budgets accordingly.
Average Aldrich Tax Bill
$1,608
Average Todd County Tax Bill
$1,544
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Aldrich, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56434 | $538 | $1,164 | $1,608 | $1,988 | $2,460 |
Source: Ownwell