Mabel, Minnesota Property Taxes
The median property tax rate in Mabel, MN is 0.90%, slightly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Mabel at $143,550, the typical annual property tax bill amounts to $1,252, which is below the national median of $2,690. Property taxes in Mabel are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mabel'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 Mabel or another part of Fillmore County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mabel, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$1,292
Ownwell’s Mabel Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mabel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mabel 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 Mabel, Minnesota
Property taxes in Mabel, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mabel is 0.90%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Mabel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mabel 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 Mabel's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55954 has both the highest and lowest median property tax rate of 0.90%. Understanding how these cities compare with Mabel 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 Mabel Tax Rate
0.90%
Average Fillmore County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mabel, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55954 | 0.27% | 0.50% | 0.90% | 1.21% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Mabel, Minnesota
In Mabel, 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 Mabel, 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. The median home price in Mabel is $143,550, with tax bills ranging from $757 at the 25th percentile to $2,722 at the 90th percentile. 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 Mabel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mabel Assessed Value
$143,550
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 Mabel, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55954 | $36,470 | $87,925 | $143,550 | $258,000 | $598,950 |
Source: Ownwell
Property Tax Bills Across Mabel, Minnesota
In Mabel, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $143,550 in Fillmore County, homeowners can expect varying tax bills. The tax bill at the 25th percentile is $757, while at the 75th percentile, it reaches $1877. For those at the 90th percentile, the tax bill can be as high as $2722. Several factors influence these tax bills, including the home's location, market value, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, the rates in Mabel can significantly impact homeowners' finances. Those in the zip code 55954 experience a median tax bill of $1252, which is reflective of the local tax environment. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Mabel Tax Bill
$1,252
Average Fillmore County Tax Bill
$1,586
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Mabel, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55954 | $310 | $757 | $1,252 | $1,877 | $2,722 |
Source: Ownwell