Montevideo, Minnesota Property Taxes
The median property tax rate in Montevideo, MN is 0.73%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Montevideo at $246,700, the typical annual property tax bill amounts to $1,772, significantly below the national median of $2,690. Property taxes in Montevideo are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like those for primary residences and agricultural properties. Understanding Montevideo'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 Montevideo or another part of Lac qui Parle County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Montevideo, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$1,801
Ownwell’s Montevideo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Montevideo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montevideo 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 Montevideo, Minnesota
Property taxes in Montevideo, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Montevideo is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Montevideo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montevideo 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 Montevideo's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56265 within Montevideo has both the highest and lowest median property tax rate of 0.73%. Understanding how these cities compare with Montevideo provides valuable insights into the varying tax landscape across Lac qui Parle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Montevideo Tax Rate
0.73%
Average Lac Qui Parle County Tax Rate
1.09%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montevideo, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56265 | 0.30% | 0.55% | 0.73% | 0.95% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Montevideo, Minnesota
In Montevideo, MN, 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 Lac qui Parle 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 Montevideo, 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 Montevideo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 56265 has a median tax bill of $1,772, which is consistent across the region.
Average Montevideo Assessed Value
$246,700
Average Lac Qui Parle County Assessed Value
$124,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Montevideo, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56265 | $45,000 | $136,050 | $246,700 | $444,750 | $744,400 |
Source: Ownwell
Property Tax Bills Across Montevideo, Minnesota
In Montevideo, located in Lac qui Parle County, MN, property tax bills are determined based on the assessed value of a property, which is derived from its market value. The median home price in Montevideo is $246,700. The local tax rate is applied to this assessed value to calculate the annual property tax bill. Homeowners in Montevideo experience a range of tax bills, with the 25th percentile paying around $887 and the 75th percentile facing approximately $3,027. Those at the 90th percentile could see tax bills as high as $5,034. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Montevideo's property taxes can vary widely, impacting homeowners differently based on their property's assessed value. This variability in tax bills can significantly affect household budgets, making it essential for homeowners to understand their property’s assessed value and the applicable tax rate.
Average Montevideo Tax Bill
$1,772
Average Lac Qui Parle County Tax Bill
$1,448
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Montevideo, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56265 | $321 | $887 | $1,772 | $3,027 | $5,034 |
Source: Ownwell