Zumbro Falls, Minnesota Property Taxes
The median property tax rate in Zumbro Falls, MN is 0.79%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Zumbro Falls, the typical annual property tax bill reaches $2,953, surpassing the national median of $2,690. Property taxes in Zumbro Falls are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Zumbro Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Zumbro Falls 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
Zumbro Falls, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$2,900
Ownwell’s Zumbro Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Zumbro Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Zumbro Falls 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 Zumbro Falls, Minnesota
Property taxes in Zumbro Falls, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Zumbro Falls is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Zumbro Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Zumbro Falls 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 Zumbro Falls' effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55991 has the highest median property tax rate of 0.79%, while the same zip code also has the lowest median tax rate of 0.79%. Understanding how these cities compare with Zumbro Falls provides valuable insights into the varying tax landscape across Wabasha County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Zumbro Falls Tax Rate
0.79%
Average Wabasha County Tax Rate
1.15%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Zumbro Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55991 | 0.43% | 0.70% | 0.79% | 1.00% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Zumbro Falls, Minnesota
In Zumbro Falls, 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 Wabasha 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 Zumbro Falls, 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 Zumbro Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 55991 has the highest and lowest median tax bill, both at $2,953, highlighting the uniformity in property tax bills within this area.
Property Tax Assessment Values Across Zumbro Falls, Minnesota
Source: Ownwell
$100,400
$307,800
$515,200
Average Zumbro Falls Assessed Value
$367,150
Average Wabasha County Assessed Value
$243,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Zumbro Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55991 | $162,050 | $266,825 | $367,150 | $502,175 | $766,850 |
Source: Ownwell
Property Tax Bills Across Zumbro Falls, Minnesota
In Zumbro Falls, located in Wabasha County, MN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the market value of the property. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. For homeowners in Zumbro Falls, the property tax bill can vary significantly. The 25th percentile tax bill is $2,184, while the 75th percentile tax bill is $3,846, and the 90th percentile tax bill reaches $5,058. These figures indicate a range of tax burdens depending on the property's value and other local factors. Compared to the national median property tax rate of 0.99%, Zumbro Falls residents experience a tax rate that reflects the specific economic conditions of their community. This can have a substantial impact on homeowners, influencing their overall housing costs and financial planning. The highest and lowest median tax bills in the area are both $2,953, indicating a relatively consistent tax environment across different properties.
Average Zumbro Falls Tax Bill
$2,953
Average Wabasha County Tax Bill
$2,658
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Zumbro Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55991 | $1,321 | $2,184 | $2,953 | $3,846 | $5,058 |
Source: Ownwell