Trimont, Minnesota Property Taxes
The median property tax rate in Trimont, MN is 1.03%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With a median home value of $111,050 in Trimont, the typical annual property tax bill is around $1,073, which is below the national median of $2,690. Property taxes in Trimont are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Trimont'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 Trimont 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
Trimont, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$1,144
Ownwell’s Trimont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Trimont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Trimont 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 Martin County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Trimont, Minnesota
Property taxes in Trimont, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Trimont is 1.03%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Trimont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Trimont 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 Trimont's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56176 zip code has both the highest and lowest median property tax rate of 1.03%. Understanding how these cities compare with Trimont 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 Trimont Tax Rate
1.03%
Average Martin County Tax Rate
1.14%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Trimont, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56176 | 0.32% | 0.57% | 1.03% | 1.19% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Trimont, Minnesota
In Trimont, 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 Trimont, 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. The median home price in Trimont is $111,050, with tax bills ranging from the 25th percentile at $612 to the 90th percentile at $2,574. The highest and lowest median tax bills in the area are both $1,073 in the 56176 zip code. Being aware of these valuation processes in Trimont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Trimont Assessed Value
$111,050
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 Trimont, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56176 | $32,770 | $67,525 | $111,050 | $217,100 | $432,140 |
Source: Ownwell
Property Tax Bills Across Trimont, Minnesota
In Trimont, located in Martin County, MN, property tax bills are calculated based on the assessed value of a home and the local property tax rate. The median home price in Trimont is $111,050, and the property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property location, home size, and any applicable exemptions or deductions also play a role in the final amount. Homeowners in Trimont can expect varying tax bills. For instance, at the 25th percentile, the tax bill is around $612, while at the 75th percentile, it rises to approximately $1,653. The tax bill at the 90th percentile can reach up to $2,574. These figures highlight the range of tax obligations homeowners might face, influenced by the assessed value and specific property characteristics. Compared to the national median property tax rate of 0.99%, Trimont’s property tax rates can significantly impact homeowners, affecting their annual financial planning and long-term investment in their properties.
Average Trimont Tax Bill
$1,073
Average Martin County Tax Bill
$1,428
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Trimont, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56176 | $344 | $612 | $1,073 | $1,653 | $2,574 |
Source: Ownwell