Fairmont, Minnesota Property Taxes
The median property tax rate in Fairmont, MN is 1.17%, higher than both the national median of 0.99% and Minnesota's state median of 1.11%. With the median home value in Fairmont at $145,200, the typical annual property tax bill amounts to $1,560, which is below the national median of $2,690. Property taxes in Fairmont are calculated based on the tax assessed value, often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Fairmont'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 Fairmont 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
Fairmont, 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 Fairmont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairmont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairmont 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 Fairmont, Minnesota
Property taxes in Fairmont, MN, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairmont is 1.17%, significantly higher than the U.S. national median of 0.99%. Local government entities within Fairmont set these rates annually, and they can vary across different neighborhoods. Each year, Fairmont 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 Fairmont's effective property tax rate to other regions and the national median. For comparison, the zip code 56031 has the highest and lowest median property tax rate in the region, both at 1.17%. Understanding how these cities compare with Fairmont 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 Fairmont Tax Rate
1.17%
Average Martin County Tax Rate
1.14%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairmont, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56031 | 0.68% | 0.95% | 1.17% | 1.33% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Fairmont, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Fairmont, Minnesota. 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 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 Fairmont, 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 Fairmont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Fairmont is $1,560 in the 56031 zip code, which is also the lowest median tax bill.
Average Fairmont Assessed Value
$145,200
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 Fairmont, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56031 | $47,780 | $81,300 | $145,200 | $262,200 | $424,200 |
Source: Ownwell
Property Tax Bills Across Fairmont, Minnesota
In Fairmont, Martin County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Fairmont stands at $145,200. Property tax rates are then applied to this assessed value to determine the annual tax bill. Factors such as the home's location, size, and any improvements or renovations can influence its assessed value, thereby affecting the tax bill. For homeowners in Fairmont, the property tax bill can vary significantly. At the 25th percentile, the tax bill is around $870, while at the 75th percentile, it rises to $2,772. The 90th percentile sees tax bills as high as $4,495. The highest median tax bill recorded is $1,560, which is notably above the national median property tax rate of 0.99%. These variations highlight the impact of property value assessments and local tax rates on homeowners, affecting their annual financial planning and overall cost of homeownership.
Average Fairmont Tax Bill
$1,560
Average Martin County Tax Bill
$1,428
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairmont, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56031 | $528 | $870 | $1,560 | $2,772 | $4,495 |
Source: Ownwell