Milaca, Minnesota Property Taxes
The median property tax rate in Milaca, MN is 0.88%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Milaca at $277,600, the typical annual property tax bill amounts to $2,290, falling below the national median of $2,690. Property taxes in Milaca 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 Milaca'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 Milaca 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
Milaca, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$2,443
Ownwell’s Milaca Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milaca with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milaca 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 Milaca, Minnesota
Property taxes in Milaca, Minnesota, play a crucial role in financing essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Milaca is 0.88%, which is below the U.S. national median of 0.99%. Local government entities within Milaca set these rates annually, and they can vary across different neighborhoods. Each year, Milaca 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 Milaca's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56353 has the highest median property tax rate of 0.88%, while the same zip code also has the lowest median tax rate of 0.88%. Understanding how these cities compare with Milaca provides valuable insights into the varying tax landscape across Kanabec County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milaca Tax Rate
0.88%
Average Kanabec County Tax Rate
1.11%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milaca, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56353 | 0.47% | 0.72% | 0.88% | 0.95% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Milaca, Minnesota
In Milaca, 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 Kanabec 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 Milaca, 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. The median home price in Milaca is $277,600, with tax bills ranging from $660 at the 25th percentile to $2,947 at the 75th percentile. The highest and lowest median tax bills are both $2,290 in the 56353 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Milaca Assessed Value
$277,600
Average Kanabec County Assessed Value
$192,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milaca, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56353 | $53,820 | $198,250 | $277,600 | $420,200 | $446,340 |
Source: Ownwell
Property Tax Bills Across Milaca, Minnesota
Property tax bills in Milaca, located in Kanabec County, MN, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates various factors such as the property's size, location, and condition. Once the assessed value is established, it is multiplied by the local tax rate to determine the tax bill. For example, with a median home price of $277,600, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $660, indicating that some properties are taxed much lower than others. On the higher end, the 75th percentile tax bill reaches $2,947, and the 90th percentile tax bill can be as high as $3,968. These figures highlight the range of property tax burdens homeowners might face. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local rates. Homeowners in Milaca must budget accordingly, as property taxes can significantly impact annual expenses.
Average Milaca Tax Bill
$2,290
Average Kanabec County Tax Bill
$2,112
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Milaca, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56353 | $386 | $660 | $2,290 | $2,947 | $3,968 |
Source: Ownwell