Utica, Minnesota Property Taxes
The median property tax rate in Utica, Minnesota is 0.65%, notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Utica being $243,800, the typical annual property tax bill amounts to $1,644, significantly below the national median of $2,690. Property taxes in Utica are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Utica'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 Utica 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
Utica, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$1,585
Ownwell’s Utica Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Utica with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Utica 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 Utica, Minnesota
Property taxes in Utica, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Utica is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Utica set these rates annually, and they can vary significantly across different neighborhoods. Each year, Utica 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 Utica's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55979 has both the highest and lowest median property tax rate of 0.65%. Understanding how these cities compare with Utica 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 Utica Tax Rate
0.65%
Average Fillmore County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Utica, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55979 | 0.22% | 0.55% | 0.65% | 0.85% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Utica, Minnesota
In Utica, 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 Utica, 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 Utica 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 $1,644 in the 55979 zip code, while the lowest is also $1,644 in the same zip code.
Average Utica Assessed Value
$243,800
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 Utica, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55979 | $174,180 | $181,300 | $243,800 | $388,200 | $766,120 |
Source: Ownwell
Property Tax Bills Across Utica, Minnesota
In Utica, Fillmore County, MN, property tax bills are determined based on the assessed value of a home and the local tax rate. The assessed value is an estimate of your property's market value, which is periodically evaluated by local authorities. This value is then multiplied by the local tax rate to calculate the annual property tax bill. For example, the median home price in Utica is $243,800, resulting in varying tax bills depending on the exact assessed value and applicable exemptions. Homeowners in Utica can expect their property tax bills to range significantly. The 25th percentile tax bill is around $1,530, while the 75th percentile tax bill rises to approximately $2,316. At the 90th percentile, the tax bill can reach up to $2,892. These figures highlight the impact of assessed property values and local tax rates on homeowners' annual expenses. Compared to the national median property tax rate of 0.99%, Utica's property tax bills reflect the unique characteristics of the local real estate market and taxation policies.
Average Utica Tax Bill
$1,644
Average Fillmore County Tax Bill
$1,586
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Utica, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55979 | $829 | $1,530 | $1,644 | $2,316 | $2,892 |
Source: Ownwell