Minnesota City, Minnesota Property Taxes
The median property tax rate in Minnesota City, MN is 0.89%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Minnesota City at $207,400, the typical annual property tax bill is $1,494, falling below the national median of $2,690. Property taxes in Minnesota City are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Minnesota City'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 Minnesota City 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
Minnesota City, 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 Minnesota City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Minnesota City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Minnesota City 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 Minnesota City, Minnesota
Property taxes in Minnesota City, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Minnesota City is 0.89%, slightly lower than the U.S. national median of 0.99%. Local government entities within Minnesota City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Minnesota City 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 Minnesota City's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55959 zip code has both the highest and lowest median property tax rate of 0.89%. Understanding how these cities compare with Minnesota City 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 Minnesota City Tax Rate
0.89%
Average Winona County Tax Rate
0.91%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Minnesota City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55959 | 0.59% | 0.66% | 0.89% | 0.97% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Minnesota City, Minnesota
In Minnesota City, 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 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 Minnesota City, 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 Minnesota City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,494, found in zip code 55959.
Property Tax Assessment Values Across Minnesota City, Minnesota
Source: Ownwell
$121,500
$278,600
$435,700
Average Minnesota City Assessed Value
$207,400
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 Minnesota City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55959 | $7,380 | $41,300 | $207,400 | $284,400 | $372,660 |
Source: Ownwell
Property Tax Bills Across Minnesota City, Minnesota
In Minnesota City, Winona County, 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. Homeowners in this area experience a range of property tax bills depending on their property's assessed value and applicable exemptions. For instance, the median home price in Minnesota City is $207,400. Homeowners within the 25th percentile can expect a tax bill around $249, while those in the 75th percentile might pay approximately $2,447. At the 90th percentile, tax bills can reach up to $3,130. These variations highlight the impact of property values and local tax rates on the overall tax burden for residents. Compared to the national median property tax rate of 0.99%, Minnesota City's property tax rates can significantly affect homeowners, with the highest median tax bill recorded at $1,494 in the 55959 zip code. Understanding these factors is crucial for homeowners to manage their financial planning effectively.
Average Minnesota City Tax Bill
$1,494
Average Winona County Tax Bill
$1,884
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Minnesota City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55959 | $68 | $249 | $1,494 | $2,447 | $3,130 |
Source: Ownwell