Monticello, Minnesota Property Taxes
The median property tax rate in Monticello, MN is 0.91%, slightly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Monticello at $326,800, the typical annual property tax bill reaches $2,996, which is above the national median of $2,690. Property taxes in Monticello are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Monticello'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 Monticello 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
Monticello, 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 Monticello Property Tax Bill Calculator helps homeowners, real estate investors, and potential buyers estimate their annual property taxes in Monticello with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monticello 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 Wright County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Monticello, Minnesota
Property taxes in Monticello, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monticello is 0.91%, slightly lower than the U.S. national median of 0.99%. Local government entities within Monticello set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monticello 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 Monticello's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55362 zip code has both the highest and lowest median property tax rate of 0.91%. Understanding how these areas compare with Monticello provides valuable insights into the varying tax landscape across Wright County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monticello Tax Rate
0.91%
Average Wright County Tax Rate
1.04%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monticello, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55362 | 0.73% | 0.82% | 0.91% | 0.96% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Monticello, Minnesota
In Monticello, 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 Wright 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 Monticello, 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 Monticello 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 $2,996, with the zip code 55362 reflecting this value.
Average Monticello Assessed Value
$326,800
Average Wright County Assessed Value
$352,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monticello, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55362 | $220,600 | $272,100 | $326,800 | $405,900 | $542,500 |
Source: Ownwell
Property Tax Bills Across Monticello, Minnesota
In Monticello, located in Wright County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $326,800, homeowners can expect varying tax bills depending on their property's assessed value and specific tax rate. Factors such as property location, size, and any improvements made can influence the assessed value. Homeowners in Monticello experience tax bills ranging from the 25th percentile at $2,522 to the 90th percentile at $4,583, with the median tax bill at $2,996. These property taxes contribute to funding essential public services such as schools, emergency services, and infrastructure. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly. Monticello’s property tax rate and bills are slightly above the national median property tax rate of 0.99%, reflecting the area's specific economic conditions and public service needs.
Average Monticello Tax Bill
$2,996
Average Wright County Tax Bill
$3,554
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Monticello, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55362 | $2,118 | $2,522 | $2,996 | $3,635 | $4,583 |
Source: Ownwell