Easton, Minnesota Property Taxes
The median property tax rate in Easton, MN is 1.54%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Easton at $82,100, the typical annual property tax bill reaches $1,130, exceeding the national median of $2,690. Property taxes in Easton 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 Easton'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 Easton 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
Easton, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.54%
Estimate Property Tax Bill
$1,264
Ownwell’s Easton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Easton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Easton 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 Easton, Minnesota
Property taxes in Easton, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Easton is 1.54%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Easton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Easton 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 Easton's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56025 zip code has the highest median property tax rate of 1.54%, while the same zip code also has the lowest median tax rate of 1.54%. Understanding how these areas compare with Easton provides valuable insights into the varying tax landscape across Faribault County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Easton Tax Rate
1.54%
Average Faribault County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Easton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56025 | 0.47% | 0.66% | 1.54% | 2.14% | 3.22% |
Source: Ownwell
Property Tax Assessment Values Across Easton, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Easton, Minnesota. 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 Faribault 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 Easton, 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 Easton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Easton are both $1,130, found in the 56025 zip code.
Average Easton Assessed Value
$82,100
Average Faribault County Assessed Value
$99,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Easton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56025 | $2,920 | $30,400 | $82,100 | $182,450 | $368,120 |
Source: Ownwell
Property Tax Bills Across Easton, Minnesota
In Easton, Faribault 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 and reflects the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Easton, the median home price stands at $82,100. Property tax bills can vary significantly, with the 25th percentile at $602 and the 75th percentile reaching $1,724. At the 90th percentile, homeowners might see tax bills as high as $2,684. The highest and lowest median tax bill in the area is $1,130, which is consistent across the zip code 56025. Compared to the national median property tax rate of 0.99%, Easton's tax rates can have a substantial impact on homeowners, influencing their overall housing costs and financial planning.
Average Easton Tax Bill
$1,130
Average Faribault County Tax Bill
$1,105
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Easton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56025 | $58 | $602 | $1,130 | $1,724 | $2,684 |
Source: Ownwell