Edgerton, Minnesota Property Taxes
The median property tax rate in Edgerton, MN is 0.27%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Edgerton at $627,500, the typical annual property tax bill amounts to $1,846, falling well below the national median of $2,690. Property taxes in Edgerton are calculated based on the tax assessed value, which often comes in under the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Edgerton'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 Edgerton or another part of the city, a thorough grasp of the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Edgerton, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.27%
Estimate Property Tax Bill
$1,694
Ownwell’s Edgerton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Edgerton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Edgerton 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 Edgerton, Minnesota
Property taxes in Edgerton, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Edgerton is 0.27%, significantly lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Edgerton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Edgerton 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 Edgerton's effective property tax rate to other counties in Minnesota and the national median. For comparison, the highest median property tax rate in the region is significantly higher, while the lowest median tax rate is notably lower. Understanding how these cities compare with Edgerton 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 Edgerton Tax Rate
0.27%
Average Murray County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Edgerton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56128 | 0.13% | 0.16% | 0.27% | 0.53% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Edgerton, Minnesota
In Edgerton, 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 Edgerton, 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 Edgerton is $627,500, and tax bills can vary significantly. For instance, the 25th percentile tax bill is $1,110, while the 75th percentile tax bill is $2,774. 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 Edgerton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Edgerton Assessed Value
$627,500
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 Edgerton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56128 | $126,120 | $265,100 | $627,500 | $1,393,300 | $1,872,960 |
Source: Ownwell
Property Tax Bills Across Edgerton, Minnesota
In Edgerton, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as the property's location, size, and market conditions are considered in the assessment process. For instance, in Edgerton, the median home price is $627,500, influencing the overall tax bill. Homeowners in Edgerton can expect their property tax bill to fall within a range, with the 25th percentile at $1,110 and the 75th percentile at $2,774. The 90th percentile tax bill can reach up to $3,469. Compared to the national median property tax rate of 0.99%, these figures provide insight into how local market conditions and property values impact tax obligations. Understanding these factors helps homeowners anticipate their annual financial responsibilities and plan accordingly.
Average Edgerton Tax Bill
$1,846
Average Murray County Tax Bill
$1,236
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Edgerton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56128 | $677 | $1,110 | $1,846 | $2,774 | $3,469 |
Source: Ownwell