Milaca, Minnesota Property Taxes
The median property tax rate in Milaca, MN is 0.38%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $154,400 in Milaca, the typical annual property tax bill is $590, which is well below the national median of $2,690. Property taxes in Milaca are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Milaca'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 Milaca 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
Milaca, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.38%
Estimate Property Tax Bill
$587
Ownwell’s Milaca Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milaca with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milaca 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 Milaca, Minnesota
Property taxes in Milaca, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milaca is 0.88%, which is slightly lower than the Minnesota state median of 1.05% and the U.S. national median of 0.99%. Local government entities within Milaca set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milaca 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 Milaca's effective property tax rate to other counties in Minnesota and the national median. For comparison, the highest median property tax rate in the region is 1.14%, while the lowest median tax rate is 0.38%. Understanding how these cities compare with Milaca provides valuable insights into the varying tax landscape across Aitkin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milaca Tax Rate
0.38%
Average Aitkin County Tax Rate
0.51%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milaca, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56353 | 0.38% | 0.38% | 0.38% | 0.38% | 0.38% |
Source: Ownwell
Property Tax Assessment Values Across Milaca, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Milaca, Minnesota. 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 Aitkin 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 Milaca, 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 Milaca helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Milaca are both $590, found in the 56353 zip code.
Average Milaca Assessed Value
$154,400
Average Aitkin County Assessed Value
$189,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milaca, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56353 | $154,400 | $154,400 | $154,400 | $154,400 | $154,400 |
Source: Ownwell
Property Tax Bills Across Milaca, Minnesota
In Milaca, Aitkin County, MN, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the market value of the property. The property tax rate in Milaca is applied to this assessed value to calculate the annual tax bill. For example, with a median home price of $154,400 in Milaca, homeowners face a median tax bill of $590. This tax bill remains consistent across different percentiles, highlighting a stable property tax environment in the area. Compared to the national median property tax rate of 0.99%, Milaca's property tax rate is significantly lower, offering a financial advantage to homeowners. The property tax bill impacts homeowners by contributing to local services such as schools, infrastructure, and public safety. A lower tax rate in Milaca means homeowners can enjoy these benefits without a significant financial burden, making it an attractive place for property investment.
Average Milaca Tax Bill
$590
Average Aitkin County Tax Bill
$932
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Milaca, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56353 | $590 | $590 | $590 | $590 | $590 |
Source: Ownwell