Farmington, Minnesota Property Taxes
The median property tax rate in Farmington, MN is 1.18%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Farmington, the typical annual property tax bill reaches $4,038, exceeding the national median of $2,690. Property taxes in Farmington 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 Farmington'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 Farmington 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
Farmington, 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 Farmington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farmington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmington 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 Dakota County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Farmington, Minnesota
Property taxes in Farmington, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmington is 1.18%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Farmington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farmington 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 Farmington's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55024 zip code has the highest median property tax rate of 1.18%, while the 55044 zip code has the lowest median tax rate of 1.14%. Understanding how these cities compare with Farmington provides valuable insights into the varying tax landscape across Dakota County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farmington Tax Rate
1.18%
Average Dakota County Tax Rate
1.06%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farmington, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55024 | 0.98% | 1.08% | 1.18% | 1.21% | 1.23% |
| 55044 | 1.14% | 1.14% | 1.14% | 1.14% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Farmington, Minnesota
In Farmington, 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 Dakota 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 Farmington, 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 Farmington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 55024 has both the highest and lowest median tax bill at $4038, which can vary significantly based on individual property assessments.
Average Farmington Assessed Value
$342,500
Average Dakota County Assessed Value
$344,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farmington, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55024 | $168,270 | $252,600 | $342,500 | $427,375 | $492,700 |
| 55044 | $1,400 | $1,400 | $1,400 | $1,400 | $1,400 |
Source: Ownwell
Property Tax Bills Across Farmington, Minnesota
In Farmington, Dakota County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $342,500, homeowners can expect varying tax bills depending on specific assessments and exemptions. Factors influencing the tax bill include the property's location, size, and condition, as well as any applicable exemptions or abatements. In Farmington, the 25th percentile tax bill is around $2,948, while the 75th percentile reaches $4,942, and the 90th percentile peaks at $5,688. These figures highlight the range of potential tax burdens homeowners may face. Comparatively, the national median property tax rate is 0.99%, making Farmington's rates competitive but potentially higher for some homeowners. Understanding these factors is crucial for homeowners to anticipate their financial obligations accurately.
Average Farmington Tax Bill
$4,038
Average Dakota County Tax Bill
$3,728
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmington, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55024 | $2,325 | $2,948 | $4,038 | $4,942 | $5,688 |
| 55044 | $16 | $16 | $16 | $16 | $16 |
Source: Ownwell