Zumbrota, Minnesota Property Taxes
The median property tax rate in Zumbrota, MN is 1.25%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Zumbrota at $288,750, the typical annual property tax bill reaches $3,438, exceeding the national median of $2,690. Property taxes in Zumbrota 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 Zumbrota'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 Zumbrota or another part of Goodhue County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Zumbrota, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.25%
Estimate Property Tax Bill
$3,609
Ownwell’s Zumbrota Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Zumbrota with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Zumbrota 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 Zumbrota, Minnesota
Property taxes in Zumbrota, Minnesota, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Zumbrota is 1.25%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Zumbrota set these rates annually, and they can vary across different neighborhoods. Each year, Zumbrota 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 Zumbrota's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55992 zip code has both the highest and lowest median property tax rate of 1.25%. Understanding how these cities compare with Zumbrota provides valuable insights into the varying tax landscape across Goodhue County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Zumbrota Tax Rate
1.25%
Average Goodhue County Tax Rate
1.21%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Zumbrota, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55992 | 0.70% | 1.01% | 1.25% | 1.33% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Zumbrota, Minnesota
In Zumbrota, 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 Goodhue 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 Zumbrota, 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 Zumbrota helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $3,438 in zip code 55992, which can serve as a benchmark for local property owners.
Average Zumbrota Assessed Value
$288,750
Average Goodhue County Assessed Value
$266,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Zumbrota, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55992 | $110,750 | $206,925 | $288,750 | $396,600 | $527,250 |
Source: Ownwell
Property Tax Bills Across Zumbrota, Minnesota
In Zumbrota, located in Goodhue County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Zumbrota is $288,750. Property taxes are influenced by the assessed value of the property, which is determined by local assessors, and the tax rate set by local government entities. For homeowners, this means that the amount they owe can vary significantly. For instance, the tax bill at the 25th percentile is $2,494, while at the 75th percentile, it rises to $4,646. At the 90th percentile, homeowners might see a tax bill as high as $6,102. The highest median tax bill in the area is $3,438, which is notably higher than the national median property tax rate of 0.99%. These figures illustrate how property taxes in Zumbrota can impact homeowners differently, depending on the assessed value of their properties and the local tax rate applied.
Average Zumbrota Tax Bill
$3,438
Average Goodhue County Tax Bill
$3,110
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Zumbrota, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55992 | $1,701 | $2,494 | $3,438 | $4,646 | $6,102 |
Source: Ownwell