Plato, Minnesota Property Taxes
The median property tax rate in Plato, MN is 1.16%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Plato, the typical annual property tax bill reaches $236, which is below the national median of $2,690. Property taxes in Plato 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 Plato'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 Plato 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
Plato, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$195
Ownwell’s Plato Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Plato with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Plato 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 Plato, Minnesota
Property taxes in Plato, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Plato is 1.16%, which is higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Plato set these rates annually, and they can vary significantly across different neighborhoods. Each year, Plato 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 Plato's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55370 zip code has the highest median property tax rate of 1.16%, while the same zip code also has the lowest median tax rate of 1.16%. Understanding how these cities compare with Plato provides valuable insights into the varying tax landscape across McLeod County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Plato Tax Rate
1.16%
Average Mcleod County Tax Rate
1.47%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Plato, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55370 | 0.97% | 1.08% | 1.16% | 1.34% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Plato, Minnesota
In Plato, 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 McLeod 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 Plato, 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 Plato helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 55370 at $236.00, which is the same as the lowest median tax bill.
Average Plato Assessed Value
$16,800
Average Mcleod County Assessed Value
$25,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Plato, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55370 | $2,120 | $4,900 | $16,800 | $41,750 | $54,680 |
Source: Ownwell
Property Tax Bills Across Plato, Minnesota
In Plato, McLeod County, MN, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county assessor, who evaluates your property to establish its market value. This assessed value is then multiplied by the local tax rate to determine your annual tax bill. For instance, with a median home price of $16,800, homeowners in Plato can expect a range of tax bills. The 25th percentile tax bill is around $58, while the 75th percentile reaches $483. At the 90th percentile, the tax bill can go up to $743. The highest median tax bill in the area is $236, which is significantly lower than the national median property tax rate of 0.99%. These property taxes fund essential community services such as schools, public safety, and infrastructure. Homeowners in Plato benefit from relatively low property taxes, making it an attractive option for those looking to manage their housing costs effectively.
Average Plato Tax Bill
$236
Average Mcleod County Tax Bill
$460
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Plato, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55370 | $20 | $58 | $236 | $483 | $743 |
Source: Ownwell