Jackson, Minnesota Property Taxes
The median property tax rate in Jackson, MN is 1.05%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With a median home value of $144,850, the typical annual property tax bill in Jackson amounts to $1,435, which is below the national median of $2,690. Property taxes in Jackson are calculated based on the assessed value, often less than the market value due to exemptions like those for primary residences and agricultural properties. Gaining a thorough understanding of Jackson's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Jackson or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Jackson, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Jackson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jackson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jackson 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 Jackson, Minnesota
Property taxes in Jackson, Minnesota, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jackson is 1.05%, higher than the U.S. national median of 0.99%. Local government entities within Jackson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jackson 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 Jackson's effective property tax rate to other counties and the national median. For comparison, the 56143 zip code has the highest median property tax rate of 1.05%, while the same zip code also has the lowest median tax rate of 1.05%. Understanding how these cities compare with Jackson provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jackson Tax Rate
1.05%
Average Jackson County Tax Rate
1.05%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jackson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56143 | 0.43% | 0.75% | 1.05% | 1.22% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Jackson, Minnesota
In Jackson, 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 local 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. Assessment notices in Jackson 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 Jackson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Jackson is $1435 in zip code 56143, while the lowest median tax bill is also $1435 in the same zip code.
Average Jackson Assessed Value
$144,850
Average Jackson County Assessed Value
$145,950
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jackson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56143 | $49,370 | $80,650 | $144,850 | $235,750 | $442,190 |
Source: Ownwell
Property Tax Bills Across Jackson, Minnesota
In Jackson, MN, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the property's market value, which is determined by the county assessor. Factors such as location, property size, and home improvements can influence this assessed value. For example, the median home price in Jackson is $144,850, and with a median tax bill of $1,435, homeowners pay an effective tax rate of approximately 0.99%, aligning with the national median property tax rate. Homeowners in Jackson can expect their tax bills to vary. At the 25th percentile, the tax bill is around $754, while at the 75th percentile, it rises to $2,302, and at the 90th percentile, it can reach up to $3,403. These variations significantly impact homeowners' financial planning, making it crucial to understand the factors influencing their property tax bills.
Average Jackson Tax Bill
$1,435
Average Jackson County Tax Bill
$1,463
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Jackson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56143 | $466 | $754 | $1,435 | $2,302 | $3,403 |
Source: Ownwell