Middle River, Minnesota Property Taxes
The median property tax rate in Middle River, MN is 0.68%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Middle River at $107,300, the typical annual property tax bill is $540, well below the national median of $2,690. Property taxes in Middle River are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Middle River's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Middle River or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Middle River, 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 MIDDLE RIVER Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in MIDDLE RIVER with just two data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in MIDDLE RIVER to provide an estimate of your property tax bill. This valuable tool helps you grasp potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by the county for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Middle River, Minnesota
Property taxes in Middle River, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Middle River is 0.68%, lower than the U.S. national median of 0.99%. Local government entities within Middle River set these rates annually, and they can vary significantly across different neighborhoods. Each year, Middle River 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 Middle River's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56737 zip code has the highest median property tax rate of 0.68%, while the same zip code also has the lowest median tax rate of 0.68%. Understanding how these cities compare with Middle River provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Middle River Tax Rate
0.68%
Average Marshall County Tax Rate
0.87%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Middle River, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56737 | 0.37% | 0.45% | 0.68% | 1.03% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Middle River, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Middle River, Minnesota. The market value represents 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 Marshall County Assessor 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 Middle River, 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 Middle River helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 56737 has both the highest and lowest median tax bill at $540.
Average Middle River Assessed Value
$107,300
Average Marshall County Assessed Value
$114,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Middle River, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56737 | $3,140 | $32,400 | $107,300 | $160,500 | $216,160 |
Source: Ownwell
Property Tax Bills Across Middle River, Minnesota
In Middle River, MN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the market value of the property. For homeowners in Middle River, the median home price is $107,300. Property taxes are then calculated by applying the local tax rate to this assessed value. Several factors influence the final tax bill, including property location, improvements, and any applicable exemptions. Homeowners in Middle River can expect tax bills that vary significantly. For example, the 25th percentile tax bill is $216, while the 75th percentile tax bill is $990. The 90th percentile tax bill can go up to $1,427. Compared to the national median property tax rate of 0.99%, Middle River's property taxes are relatively modest. This variability in tax bills can significantly impact homeowners, affecting their monthly expenses and long-term financial planning. The highest and lowest median tax bill in the area is $540, located in zip code 56737.
Average Middle River Tax Bill
$540
Average Marshall County Tax Bill
$868
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Middle River, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56737 | $30 | $216 | $540 | $990 | $1,427 |
Source: Ownwell