Avoca, Minnesota Property Taxes
The median property tax rate in Avoca, MN is 0.63%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $95,000 in Avoca, the typical annual property tax bill is $452, well below the national median of $2,690. Property taxes in Avoca are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Avoca's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Avoca or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Avoca, 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 Avoca Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Avoca with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Avoca 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 Avoca, Minnesota
Property taxes in Avoca, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Avoca is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Avoca set these rates annually, and they can vary significantly across different neighborhoods. Each year, Avoca 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 Avoca's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56114 has both the highest and lowest median property tax rate of 0.63%. Understanding how these areas compare with Avoca provides valuable insights into the varying tax landscape across Murray County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Avoca Tax Rate
0.63%
Average Murray County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Avoca, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56114 | 0.19% | 0.42% | 0.63% | 0.85% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Avoca, Minnesota
In Avoca, 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 Murray 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 Avoca, 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 Avoca is $95,000, with the 25th percentile tax bill at $192 and the 75th percentile at $1,248. 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 Avoca helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Avoca Assessed Value
$95,000
Average Murray County Assessed Value
$177,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Avoca, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56114 | $7,700 | $32,175 | $95,000 | $234,925 | $874,750 |
Source: Ownwell
Property Tax Bills Across Avoca, Minnesota
In Avoca, located in Murray County, MN, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. Homeowners in Avoca experience a range of property tax bills, with the 25th percentile at $192 and the 75th percentile reaching $1,248, indicating significant variation based on property values and other factors. The tax rate in Avoca is influenced by local government budgets and the needs of public services such as schools, infrastructure, and emergency services. For example, the highest median tax bill in the area is $452, which is consistent across the zip code 56114. These tax bills can have a substantial impact on homeowners, affecting their annual budgeting and long-term financial planning. Compared to the national median property tax rate of 0.99%, Avoca's property tax rates reflect the specific economic and governmental conditions of Murray County.
Average Avoca Tax Bill
$452
Average Murray County Tax Bill
$1,236
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Avoca, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56114 | $60 | $192 | $452 | $1,248 | $2,621 |
Source: Ownwell