Amboy, Minnesota Property Taxes
The median property tax rate in Amboy, MN is 0.35%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Amboy at $291,700, the typical annual property tax bill amounts to $1,022, which is well below the national median of $2,690. Property taxes in Amboy are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Amboy'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 Amboy or another part of Martin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Amboy, 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 Amboy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Amboy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Amboy 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 Amboy, Minnesota
Property taxes in Amboy, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Amboy is 0.89%, significantly higher than the Minnesota state median of 0.75% but still below the U.S. national median of 0.99%. Local government entities within Amboy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Amboy 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 Amboy's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55303 zip code has the highest median property tax rate of 1.23%, while the 55701 zip code has the lowest median tax rate of 0.48%. Understanding how these cities compare with Amboy provides valuable insights into the varying tax landscape across Martin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Amboy Tax Rate
0.35%
Average Martin County Tax Rate
1.14%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Amboy, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56010 | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
Source: Ownwell
Property Tax Assessment Values Across Amboy, Minnesota
In Amboy, 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 Martin 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 Amboy, 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 Amboy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Amboy are both $1022, found in the zip code 56010.
Average Amboy Assessed Value
$291,700
Average Martin County Assessed Value
$139,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Amboy, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56010 | $291,700 | $291,700 | $291,700 | $291,700 | $291,700 |
Source: Ownwell
Property Tax Bills Across Amboy, Minnesota
In Amboy, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The median home price in Amboy is $291,700. To calculate the tax bill, the assessed value is multiplied by the local tax rate. In Martin County, the property tax rate is determined annually and applied uniformly across properties. Interestingly, the property tax bills in Amboy show little variation, with the 25th, 75th, and 90th percentiles all being $1,022. This uniformity suggests a stable tax environment for homeowners. Compared to the national median property tax rate of 0.99%, Amboy's rate translates to a predictable financial obligation for property owners. Factors such as property improvements, market conditions, and local government budgets can influence the assessed value and, consequently, the tax bill. For homeowners, understanding these factors is crucial for financial planning and anticipating future tax liabilities. A stable property tax bill can provide a sense of security and predictability, essential for long-term homeownership.
Average Amboy Tax Bill
$1,022
Average Martin County Tax Bill
$1,428
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Amboy, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56010 | $1,022 | $1,022 | $1,022 | $1,022 | $1,022 |
Source: Ownwell