Randolph, Minnesota Property Taxes
The median property tax rate in Randolph, MN is 0.64%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Randolph at $358,450, the typical annual property tax bill reaches $2,294, which is below the national median of $2,690. Property taxes in Randolph 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 Randolph'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 Randolph 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
Randolph, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$2,294
Ownwell’s Randolph Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Randolph with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Randolph 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 Randolph, Minnesota
Property taxes in Randolph, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Randolph is 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within Randolph set these rates annually, and they can vary significantly across different neighborhoods. Each year, Randolph 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 Randolph's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 55065 has both the highest and lowest median property tax rate of 0.64%. Understanding how these areas compare with Randolph 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 Randolph Tax Rate
0.64%
Average Dakota County Tax Rate
1.06%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Randolph, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55065 | 0.42% | 0.59% | 0.64% | 0.75% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Randolph, Minnesota
In Randolph, 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 Randolph, 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 Randolph helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2294 in the 55065 zip code, while the lowest is also $2294 in the same zip code.
Average Randolph Assessed Value
$358,450
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 Randolph, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55065 | $48,830 | $230,100 | $358,450 | $490,600 | $666,400 |
Source: Ownwell
Property Tax Bills Across Randolph, Minnesota
In Randolph, 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 county assessors who evaluate the property's market value. For a home with a median market price of $358,450, the tax bill can vary significantly. Factors like property size, location, and improvements can influence the assessed value, which in turn affects the tax bill. Homeowners in Randolph can expect their property tax bills to fall within a broad range. For example, the 25th percentile tax bill is $1,616, while the 75th percentile tax bill reaches $3,060. At the 90th percentile, homeowners might see a tax bill as high as $3,684. These figures highlight the variability in property taxes based on individual property assessments. Compared to the national median property tax rate of 0.99%, Randolph's property taxes can represent a significant financial consideration for homeowners, impacting their overall cost of living and homeownership affordability.
Average Randolph Tax Bill
$2,294
Average Dakota County Tax Bill
$3,728
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Randolph, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55065 | $369 | $1,616 | $2,294 | $3,060 | $3,684 |
Source: Ownwell