Taopi, Minnesota Property Taxes
The median property tax rate in Taopi, MN is 0.81%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $286,900 in Taopi, the typical annual property tax bill amounts to $2,149, falling below the national median of $2,690. Property taxes in Taopi 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 Taopi'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 Taopi or another part of Mower County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Taopi, 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 Taopi Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Taopi with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Taopi to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is the value assigned by Mower County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Taopi, Minnesota
Property taxes in Taopi, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Taopi is 0.81%, lower than the U.S. national median of 0.99%. Local government entities within Taopi set these rates annually, and they can vary significantly across different neighborhoods. Each year, Taopi 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 Taopi's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55977 has both the highest and lowest median property tax rate of 0.81%. Understanding how these cities compare with Taopi provides valuable insights into the varying tax landscape across Mower County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Taopi Tax Rate
0.81%
Average Mower County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Taopi, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55977 | 0.22% | 0.36% | 0.81% | 1.01% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Taopi, Minnesota
In Taopi, 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 Mower 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 Taopi, 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. The median home price in Taopi is $286,900, with tax bills ranging from $600 at the 25th percentile to $6,046 at the 90th percentile. The highest and lowest median tax bills are both $2,149, found in the 55977 zip code. 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 Taopi helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Taopi Assessed Value
$286,900
Average Mower County Assessed Value
$155,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Taopi, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55977 | $8,900 | $92,700 | $286,900 | $617,575 | $1,779,950 |
Source: Ownwell
Property Tax Bills Across Taopi, Minnesota
In Taopi, located in Mower County, MN, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by local assessors who evaluate the property's market value. The tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property location, size, and improvements can influence the assessed value. For homeowners in Taopi, the median home price is $286,900. Property tax bills can vary significantly, with the 25th percentile tax bill around $600 and the 75th percentile reaching up to $3,545. At the higher end, the 90th percentile tax bill can be as much as $6,046. These variations highlight the impact of property value assessments and local tax rates on individual tax bills. Compared to the national median property tax rate of 0.99%, homeowners in Taopi may experience different financial impacts based on their property's assessed value and the local tax rate. This system ensures that property taxes are proportionate to the value of the property, affecting homeowners' annual financial planning and overall housing costs.
Average Taopi Tax Bill
$2,149
Average Mower County Tax Bill
$1,856
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Taopi, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55977 | $114 | $600 | $2,149 | $3,545 | $6,046 |
Source: Ownwell