Elysian, Minnesota Property Taxes
The median property tax rate in Elysian, MN is 1.08%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With the median home value in Elysian at $355,450, the typical annual property tax bill reaches $3,378, surpassing the national median of $2,690. Property taxes in Elysian 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 Elysian'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 Elysian 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
Elysian, 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 Elysian Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elysian with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elysian 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 Elysian, Minnesota
Property taxes in Elysian, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elysian is 1.08%, which is higher than the U.S. national median of 0.99%. Local government entities within Elysian set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elysian 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 Elysian's effective property tax rate to other areas and the national median. For comparison, the 56028 zip code has the highest median property tax rate of 1.08%, while the same zip code also has the lowest median tax rate of 1.08%. Understanding how these areas compare with Elysian provides valuable insights into the varying tax landscape across Le Sueur County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elysian Tax Rate
1.08%
Average Le Sueur County Tax Rate
1.14%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elysian, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56028 | 0.69% | 0.80% | 1.08% | 1.29% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Elysian, Minnesota
In Elysian, 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 Le Sueur 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 Elysian, 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. For example, the highest median tax bill in the area is $3,378 in the 56028 zip code. 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 Elysian helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elysian Assessed Value
$355,450
Average Le Sueur County Assessed Value
$290,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elysian, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56028 | $125,450 | $212,850 | $355,450 | $503,075 | $701,510 |
Source: Ownwell
Property Tax Bills Across Elysian, Minnesota
In Elysian, located in Le Sueur 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 the area is $355,450, and the property tax rate is applied to this assessed value to determine the tax bill. Factors such as the home's market value, any improvements made, and local levies also play a role in the final calculation. Homeowners in Elysian can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $2,190, while at the 75th percentile, it reaches $4,884. At the 90th percentile, homeowners might see bills as high as $6,535. The highest median tax bill in the area is $3,378, which is consistent across the zip code 56028. Compared to the national median property tax rate of 0.99%, Elysian's property taxes can have a substantial impact on homeowners, influencing their overall cost of living and financial planning.
Average Elysian Tax Bill
$3,378
Average Le Sueur County Tax Bill
$3,200
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Elysian, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56028 | $1,145 | $2,190 | $3,378 | $4,884 | $6,535 |
Source: Ownwell