Taylors Falls, Minnesota Property Taxes
The median property tax rate in Taylors Falls, MN is 1.17%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Taylors Falls, the typical annual property tax bill reaches $2,740, exceeding the national median of $2,690. Property taxes in Taylors Falls 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 Taylors Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Taylors Falls 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
Taylors Falls, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$2,967
Ownwell’s Taylors Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Taylors Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Taylors Falls 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 Taylors Falls, Minnesota
Property taxes in Taylors Falls, Minnesota, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Taylors Falls is 1.17%, which is higher than the U.S. national median of 0.99%. Local government entities within Taylors Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Taylors Falls 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 Taylors Falls' effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55084 has both the highest and lowest median property tax rate of 1.17%. Understanding how these cities compare with Taylors Falls provides valuable insights into the varying tax landscape across Chisago County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Taylors Falls Tax Rate
1.17%
Average Chisago County Tax Rate
1.18%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Taylors Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55084 | 0.54% | 0.95% | 1.17% | 1.26% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Taylors Falls, Minnesota
In Taylors Falls, 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 Chisago 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 Taylors Falls, 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. Taylors Falls homeowners experience a median tax bill of $2,740, with the highest and lowest median tax bills both recorded in the 55084 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 Taylors Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Taylors Falls, Minnesota
Source: Ownwell
$231,300
$344,450
$457,600
Average Taylors Falls Assessed Value
$253,600
Average Chisago County Assessed Value
$305,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Taylors Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55084 | $10,900 | $159,300 | $253,600 | $354,450 | $479,970 |
Source: Ownwell
Property Tax Bills Across Taylors Falls, Minnesota
In Taylors Falls, located in Chisago County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Taylors Falls is $253,600. Property taxes are determined by multiplying the assessed value by the local tax rate, which varies within the county and city. Several factors influence the tax bill, including property size, location, and any applicable exemptions. For instance, homes in the 25th percentile of tax bills pay around $944, while those in the 75th percentile pay approximately $3,682. At the higher end, the 90th percentile sees tax bills close to $4,660. These property taxes can significantly impact homeowners, affecting their annual budgeting and financial planning. Compared to the national median property tax rate of 0.99%, Taylors Falls' property tax rates can be relatively high, especially for homes with higher assessed values. This variance underscores the importance of understanding local tax assessments and potential exemptions to manage property tax obligations effectively.
Average Taylors Falls Tax Bill
$2,740
Average Chisago County Tax Bill
$3,492
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Taylors Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55084 | $122 | $944 | $2,740 | $3,682 | $4,660 |
Source: Ownwell