Taunton, Minnesota Property Taxes
The median property tax rate in Taunton, MN is 0.91%, 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 Taunton at $54,400, the typical annual property tax bill is $522, significantly below the national median of $2,690. Property taxes in Taunton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Taunton'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 Taunton 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
Taunton, 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 Taunton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Taunton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Taunton 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 Taunton, Minnesota
Property taxes in Taunton, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Taunton is 0.91%, slightly lower than the U.S. national median of 0.99%. Local government entities within Taunton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Taunton 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 Taunton's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56291 zip code has the same median property tax rate of 0.91%. Understanding how these cities compare with Taunton provides valuable insights into the varying tax landscape across Lyon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Taunton Tax Rate
0.91%
Average Lyon County Tax Rate
1.21%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Taunton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56291 | 0.68% | 0.82% | 0.91% | 1.29% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Taunton, Minnesota
In Taunton, 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 Lyon 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. Taunton 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 Taunton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 56291 has the highest and lowest median tax bill at $522.
Average Taunton Assessed Value
$54,400
Average Lyon County Assessed Value
$158,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Taunton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56291 | $1,700 | $14,900 | $54,400 | $107,200 | $217,240 |
Source: Ownwell
Property Tax Bills Across Taunton, Minnesota
In Taunton, Lyon County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Taunton, the median home price is $54,400. Property tax bills vary significantly, with the 25th percentile paying around $224, while the 75th percentile pays approximately $862. The top 10% of homeowners face tax bills as high as $1,473. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. These property taxes fund essential public services such as schools, infrastructure, and emergency services, impacting the overall community quality. Compared to the national median property tax rate of 0.99%, Taunton's property tax rates are relatively moderate, making it an affordable place for homeowners.
Average Taunton Tax Bill
$522
Average Lyon County Tax Bill
$1,794
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Taunton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56291 | $24 | $224 | $522 | $862 | $1,473 |
Source: Ownwell