Swatara, Minnesota Property Taxes
The median property tax rate in Swatara, MN is 0.43%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Swatara at $110,900, the typical annual property tax bill amounts to $372, far below the national median of $2,690. Property taxes in Swatara are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Swatara'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 Swatara 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
Swatara, 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 SWATARA Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in SWATARA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SWATARA to provide an accurate estimate of your property tax bill. This invaluable tool helps you understand potential tax liabilities with ease. For those interested in more detailed trends on a neighborhood level, you can find localized information by scrolling down. Your property’s assessed value, determined by the county, accounts for any applicable exemptions, ensuring a precise calculation for your property tax obligations.
Property Tax Rates Across Swatara, Minnesota
Property taxes in Swatara, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Swatara is 0.43%, which is significantly lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Swatara set these rates annually, and they can vary significantly across different neighborhoods. Each year, Swatara 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 Swatara's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55785 has both the highest and lowest median property tax rate of 0.43%. Understanding how these cities compare with Swatara 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 Swatara Tax Rate
0.43%
Average Aitkin County Tax Rate
0.51%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Swatara, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55785 | 0.29% | 0.37% | 0.43% | 0.50% | 0.57% |
Source: Ownwell
Property Tax Assessment Values Across Swatara, Minnesota
In Swatara, 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 Aitkin 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 Swatara, 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. The median home price here is $110,900, which can lead to varying tax bills. For instance, the 25th percentile tax bill is $213, while the 75th percentile reaches $791. The highest median tax bill in the area is $372 in the 55785 zip code. 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 Swatara helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Swatara Assessed Value
$110,900
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 Swatara, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55785 | $9,660 | $52,000 | $110,900 | $191,700 | $257,080 |
Source: Ownwell
Property Tax Bills Across Swatara, Minnesota
In Swatara, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For Swatara, the median home price is $110,900, which plays a crucial role in the calculation. Factors such as property improvements, neighborhood trends, and market conditions are considered when assessing a property's value. Homeowners in Swatara can expect varying tax bills, with the 25th percentile at $213 and the 75th percentile at $791. At the 90th percentile, tax bills can reach up to $1,052. These figures highlight the range of property tax burdens homeowners might face, depending on their property's assessed value and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Swatara's tax bills reflect a localized approach to property taxation, which can significantly impact household budgets and the overall cost of homeownership in the area.
Average Swatara Tax Bill
$372
Average Aitkin County Tax Bill
$932
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Swatara, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55785 | $46 | $213 | $372 | $791 | $1,052 |
Source: Ownwell