Freeport, Minnesota Property Taxes
The median property tax rate in Freeport, MN is 0.30%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Freeport at $541,800, the typical annual property tax bill amounts to $1,593, which is below the national median of $2,690. Property taxes in Freeport are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Freeport'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 Freeport 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
Freeport, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.3%
Estimate Property Tax Bill
$1,625
Ownwell’s Freeport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Freeport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Freeport 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 Freeport, Minnesota
Property taxes in Freeport, Minnesota, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Freeport is 0.30%, significantly lower than both the Minnesota state median of 1.01% and the U.S. national median of 0.99%. Local government entities within Freeport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Freeport 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. Understanding how these cities compare with Freeport provides valuable insights into the varying tax landscape across Morrison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Freeport Tax Rate
0.30%
Average Morrison County Tax Rate
0.85%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Freeport, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56331 | 0.19% | 0.28% | 0.30% | 0.35% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Freeport, Minnesota
In Freeport, 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 Morrison 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 Freeport, 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 Freeport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 56331 has the highest median tax bill at $1,593, which is significantly below the national median property tax rate of 0.99%.
Average Freeport Assessed Value
$541,800
Average Morrison County Assessed Value
$210,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Freeport, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56331 | $388,750 | $477,050 | $541,800 | $587,500 | $724,050 |
Source: Ownwell
Property Tax Bills Across Freeport, Minnesota
In Freeport, property tax bills are calculated based on the assessed value of your home, which is determined by the county assessor. The assessed value considers various factors, including the property's market value, improvements, and comparable property sales in the area. Homeowners in Freeport, located in Morrison County, face a median tax rate that is competitive when compared to the national median property tax rate of 0.99%. For instance, the median home price in Freeport is $541,800. Tax bills can vary significantly, with the 25th percentile at $998 and the 75th percentile reaching up to $2,407. At the higher end, the 90th percentile tax bill is $2,583. The highest and lowest median tax bills in the area both stand at $1,593, indicating a consistent tax rate within the zip code 56331. These property tax bills directly impact homeowners by influencing their annual housing costs. Understanding how these taxes are calculated can help homeowners budget more effectively and plan for future expenses.
Average Freeport Tax Bill
$1,593
Average Morrison County Tax Bill
$1,722
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Freeport, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56331 | $751 | $998 | $1,593 | $2,407 | $2,583 |
Source: Ownwell