Elmore, Minnesota Property Taxes
The median property tax rate in Elmore, MN is 0.94%, slightly below the national median of 0.99% but also lower than the Minnesota state median of 1.11%. With the median home value in Elmore at $284,000, the typical annual property tax bill amounts to $2,456, which is under the national median of $2,690. Property taxes in Elmore are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Elmore'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 Elmore 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
Elmore, 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 Elmore Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Elmore with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Elmore to project your property tax bill. This valuable tool helps you grasp potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available as you scroll down. Your property’s assessed value is determined by the county for tax calculations, considering any applicable exemptions.
Property Tax Rates Across Elmore, Minnesota
Property taxes in Elmore, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elmore is 0.94%, slightly lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Elmore set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elmore 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 Elmore's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56027 zip code has the highest median property tax rate of 0.94%, while the same zip code also has the lowest median tax rate of 0.94%. Understanding how these cities compare with Elmore 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 Elmore Tax Rate
0.94%
Average Martin County Tax Rate
1.14%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elmore, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56027 | 0.34% | 0.64% | 0.94% | 0.99% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Elmore, Minnesota
In Elmore, 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. Assessment notices in Elmore 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, in the 56027 zip code, the median tax bill is $2,456. 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 Elmore helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elmore Assessed Value
$284,000
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 Elmore, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56027 | $69,340 | $193,500 | $284,000 | $451,100 | $1,212,840 |
Source: Ownwell
Property Tax Bills Across Elmore, Minnesota
In Elmore, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Elmore can expect a median home price of $284,000, which serves as a baseline for calculating property taxes. The tax rate in Martin County is applied to this assessed value to determine the annual tax bill. For example, the tax bill at the 25th percentile is $1,932, while at the 75th percentile, it rises to $3,778. The highest median tax bill in the area is $2,456, which is notably higher than the national median property tax rate of 0.99%. Various factors influence the final tax bill, including property improvements, market conditions, and local government budgets. Homeowners should be aware that these taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting community well-being and property values.
Average Elmore Tax Bill
$2,456
Average Martin County Tax Bill
$1,428
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Elmore, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56027 | $1,218 | $1,932 | $2,456 | $3,778 | $4,227 |
Source: Ownwell