Canton, Minnesota Property Taxes
The median property tax rate in Canton, MN is 0.72%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Canton at $137,050, the typical annual property tax bill reaches $1,030, well below the national median of $2,690. Property taxes in Canton 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 Canton'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 Canton 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
Canton, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$987
Ownwell’s Canton Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Canton with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Canton to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in seeing trends on a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by Fillmore County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Canton, Minnesota
Property taxes in Canton, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Canton is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Canton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Canton 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 Canton's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55922 has both the highest and lowest median property tax rate in Fillmore County at 0.72%. Understanding how these cities compare with Canton provides valuable insights into the varying tax landscape across Fillmore County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Canton Tax Rate
0.72%
Average Fillmore County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Canton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55922 | 0.26% | 0.49% | 0.72% | 0.96% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Canton, Minnesota
In Canton, 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 Fillmore 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 Canton, 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. Canton’s property tax bills show a range, with the 25th percentile at $618 and the 75th percentile at $1,620. The highest and lowest median tax bills are both $1,030 in the zip code 55922. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Canton Assessed Value
$137,050
Average Fillmore County Assessed Value
$193,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Canton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55922 | $28,040 | $74,825 | $137,050 | $259,850 | $541,660 |
Source: Ownwell
Property Tax Bills Across Canton, Minnesota
In Canton, located in Fillmore 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. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. Factors influencing the tax bill include the property's market value, local levies, and any applicable exemptions or deductions. For instance, the median home price in Canton is $137,050, and property tax bills range widely. Homeowners at the 25th percentile pay around $618 annually, while those at the 75th percentile see bills closer to $1,620. At the 90th percentile, tax bills can reach as high as $2,636. These taxes fund essential community services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Canton's rates reflect the region's specific valuation and funding needs, impacting homeowners' annual expenses significantly.
Average Canton Tax Bill
$1,030
Average Fillmore County Tax Bill
$1,586
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Canton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55922 | $300 | $618 | $1,030 | $1,620 | $2,636 |
Source: Ownwell