Ceylon, Minnesota Property Taxes
The median property tax rate in Ceylon, MN is 2.27%, significantly higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Ceylon at $46,300, the typical annual property tax bill reaches $1,078, surpassing the national median of $2,690. Property taxes in Ceylon 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 Ceylon'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 Ceylon 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
Ceylon, 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 Ceylon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ceylon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ceylon 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 Ceylon, Minnesota
Property taxes in Ceylon, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ceylon is 2.27%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Ceylon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ceylon 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 Ceylon's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56121 zip code has the highest median property tax rate of 2.27%, while the same zip code also has the lowest median tax rate of 2.27%. Understanding how these cities compare with Ceylon 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 Ceylon Tax Rate
2.27%
Average Martin County Tax Rate
1.14%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ceylon, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56121 | 0.49% | 0.68% | 2.27% | 3.64% | 4.45% |
Source: Ownwell
Property Tax Assessment Values Across Ceylon, Minnesota
In Ceylon, 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 Ceylon, 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 Ceylon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Martin County is 56121, with a median tax bill of $1,078.
Average Ceylon Assessed Value
$46,300
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 Ceylon, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56121 | $4,300 | $19,050 | $46,300 | $202,950 | $348,660 |
Source: Ownwell
Property Tax Bills Across Ceylon, Minnesota
In Ceylon, located in Martin County, MN, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by local assessors who evaluate the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For instance, with a median home price of $46,300, homeowners can expect tax bills that vary significantly. The 25th percentile tax bill is around $512, while the 75th percentile reaches $1,576, and the 90th percentile can go up to $2,754. These figures show considerable variation, indicating that factors such as property improvements, neighborhood developments, and local levies can significantly influence the final tax amount. Homeowners in the highest median tax bill zip code, 56121, face an average annual tax of $1,078. Comparatively, this is higher than the national median property tax rate of 0.99%, impacting homeowners' financial planning and overall cost of living in the area.
Average Ceylon Tax Bill
$1,078
Average Martin County Tax Bill
$1,428
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Ceylon, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56121 | $176 | $512 | $1,078 | $1,576 | $2,754 |
Source: Ownwell