Madelia, Minnesota Property Taxes
The median property tax rate in Madelia, MN is 0.73%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Madelia at $265,100, the typical annual property tax bill amounts to $1,924, which is well below the national median of $2,690. Property taxes in Madelia are calculated based on the tax assessed value, often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Madelia's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Madelia 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
Madelia, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$1,935
Ownwell’s Madelia Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Madelia with just two simple inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Madelia to provide an estimate of your property tax bill. This valuable tool offers insights into your potential tax liabilities, making it easier to plan your finances. For those interested in more detailed trends at a neighborhood level, you can scroll down for localized information. Your property's assessed value, determined by the county, is used for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Madelia, Minnesota
Property taxes in Madelia, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Madelia is 1.12%, higher than both the Minnesota state median of 1.01% and the U.S. national median of 0.99%. Local government entities within Madelia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Madelia 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 Madelia's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56062 zip code has the highest median property tax rate of 1.12%, while the same 56062 zip code has the lowest median tax rate of 1.12%. Understanding how these cities compare with Madelia provides valuable insights into the varying tax landscape across Watonwan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Madelia Tax Rate
0.73%
Average Brown County Tax Rate
1.37%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Madelia, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56062 | 0.32% | 0.49% | 0.73% | 0.87% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Madelia, Minnesota
In Madelia, 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 local 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 Madelia, 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 Madelia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Madelia is $265,100, with tax bills ranging from $1,421 at the 25th percentile to $5,015 at the 90th percentile. The zip code with the highest and lowest median tax bill is 56062, both at $1,924.
Average Madelia Assessed Value
$265,100
Average Brown County Assessed Value
$152,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Madelia, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56062 | $136,220 | $179,700 | $265,100 | $764,850 | $1,436,060 |
Source: Ownwell
Property Tax Bills Across Madelia, Minnesota
In Madelia, located in Brown County, MN, property tax bills are calculated based on the assessed value of a home, which reflects its market value. Homeowners in Madelia experience property tax bills that vary significantly depending on their property's assessed value and the local tax rate. For instance, the median home price in the area is $265,100, and property tax bills range from $1,421 at the 25th percentile to $5,015 at the 90th percentile. The highest and lowest median tax bills in the region are both $1,924, highlighting a consistent tax rate across different properties. Factors influencing the property tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, homeowners in Madelia may find their tax rates to be competitive, impacting their overall housing costs. Understanding these factors can help homeowners better anticipate their annual property tax obligations and manage their finances accordingly.
Average Madelia Tax Bill
$1,924
Average Brown County Tax Bill
$1,856
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Madelia, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56062 | $1,186 | $1,421 | $1,924 | $3,594 | $5,015 |
Source: Ownwell