Dakota, Minnesota Property Taxes
The median property tax rate in Dakota, MN is 0.74%, notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Dakota, the typical annual property tax bill reaches $1,888, which is below the national median of $2,690. Property taxes in Dakota 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 Dakota'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 Dakota 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
Dakota, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$1,847
Ownwell’s Dakota Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Dakota using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dakota 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 Dakota, Minnesota
Property taxes in Dakota, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dakota is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Dakota set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dakota 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 Dakota's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55925 has both the highest and lowest median property tax rate of 0.74%. Understanding how these cities compare with Dakota provides valuable insights into the varying tax landscape across Winona County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dakota Tax Rate
0.74%
Average Winona County Tax Rate
0.91%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dakota, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55925 | 0.52% | 0.68% | 0.74% | 0.80% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Dakota, Minnesota
In Dakota, 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 Winona 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 Dakota, 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 Dakota helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Dakota is $249,600, with the highest median tax bill recorded at $1,888 in the 55925 zip code.
Average Dakota Assessed Value
$249,600
Average Winona County Assessed Value
$212,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dakota, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55925 | $117,980 | $181,000 | $249,600 | $362,200 | $517,020 |
Source: Ownwell
Property Tax Bills Across Dakota, Minnesota
In Dakota, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property location, size, and improvements can influence the assessed value. For instance, the median home price in Dakota is $249,600, and tax bills can vary significantly. Homeowners in the 25th percentile pay around $1,284, while those in the 75th percentile see bills closer to $2,560. The 90th percentile can even reach up to $3,494 annually. These tax bills directly impact homeowners by adding a significant annual expense. Compared to the national median property tax rate of 0.99%, Dakota's rates reflect the local government's budget needs and public services funding. Homeowners should be aware of these factors when budgeting for their property expenses, as higher property taxes can affect overall affordability and long-term financial planning.
Average Dakota Tax Bill
$1,888
Average Winona County Tax Bill
$1,884
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Dakota, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55925 | $794 | $1,284 | $1,888 | $2,560 | $3,494 |
Source: Ownwell