Rockford, Minnesota Property Taxes
The median property tax rate in Rockford, MN is 1.10%, slightly higher than the national median of 0.99% but just below the Minnesota state median of 1.11%. With the median home value in Rockford at $311,600, the typical annual property tax bill reaches $3,640, surpassing the national median of $2,690. Property taxes in Rockford 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 Rockford'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 Rockford 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
Rockford, 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 Rockford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rockford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rockford 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 Rockford, Minnesota
Property taxes in Rockford, Minnesota, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rockford is 1.10%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Rockford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rockford 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 Rockford's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55373 zip code has the highest median property tax rate of 1.10%, while the 55373 zip code also has the lowest median tax rate of 1.10%. Understanding how these cities compare with Rockford 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 Rockford Tax Rate
1.10%
Average Wright County Tax Rate
1.04%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rockford, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55373 | 0.96% | 1.07% | 1.10% | 1.14% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Rockford, Minnesota
In Rockford, 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 Rockford, 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. For instance, the median home price in Rockford is $311,600, with tax bills ranging from $3,224 at the 25th percentile to $5,245 at the 90th percentile. The highest and lowest median tax bills are both $3,640 in the 55373 zip code. By understanding 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 Rockford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rockford Assessed Value
$311,600
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 Rockford, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55373 | $31,740 | $85,925 | $311,600 | $367,275 | $465,810 |
Source: Ownwell
Property Tax Bills Across Rockford, Minnesota
In Rockford, Wright County, MN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and reflects the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence this calculation, including property size, location, and any improvements made to the home. For homeowners in Rockford, the median home price stands at $311,600. Property taxes in this region can vary significantly, with the 25th percentile tax bill at $3,224, the 75th percentile at $4,278, and the 90th percentile reaching $5,245. These figures highlight the range of tax burdens homeowners may face. Compared to the national median property tax rate of 0.99%, Rockford's tax bills can be relatively high, potentially affecting affordability and long-term financial planning for residents. Understanding these factors can help homeowners better anticipate their annual property tax obligations and manage their finances accordingly.
Average Rockford Tax Bill
$3,640
Average Wright County Tax Bill
$3,554
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Rockford, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55373 | $2,459 | $3,224 | $3,640 | $4,278 | $5,245 |
Source: Ownwell