Slayton, Minnesota Property Taxes
The median property tax rate in Slayton, MN is 0.88%, 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 $157,950 in Slayton, the typical annual property tax bill amounts to $1,245, falling below the national median of $2,690. Property taxes in Slayton are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, including those for primary residences and agricultural properties. Understanding Slayton'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 Slayton or another part of Murray County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Slayton, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$1,390
Ownwell’s Slayton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Slayton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Slayton 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 Slayton, Minnesota
Property taxes in Slayton, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Slayton is 0.88%, slightly below the U.S. national median of 0.99%. Local government entities within Slayton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Slayton 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 Slayton's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56172 zip code has both the highest and lowest median property tax rate of 0.88%. Understanding how these cities compare with Slayton 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 Slayton Tax Rate
0.88%
Average Murray County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Slayton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56172 | 0.39% | 0.57% | 0.88% | 1.18% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across Slayton, Minnesota
In Slayton, 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 local 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 Slayton, 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 Slayton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Slayton, the zip code 56172 has the highest and lowest median tax bill, both at $1,245, reflecting the uniformity in property valuations within the area.
Average Slayton Assessed Value
$157,950
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 Slayton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56172 | $29,410 | $71,475 | $157,950 | $306,725 | $536,400 |
Source: Ownwell
Property Tax Bills Across Slayton, Minnesota
In Slayton, MN, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in Slayton is $157,950. Homeowners in Murray County can expect their tax bills to vary significantly, with the 25th percentile at $660 and the 75th percentile reaching $2,318. For those at the 90th percentile, tax bills can be as high as $3,435. The highest and lowest median tax bills in the area are both $1,245, highlighting the consistency within the zip code 56172. Factors influencing your tax bill include the assessed value of your property, local tax rates, and any applicable exemptions. This can have a considerable impact on homeowners, as property taxes are a significant ongoing expense. Compared to the national median property tax rate of 0.99%, Slayton's rates can be seen as a reflection of the local economic landscape. Understanding these elements can help homeowners better anticipate their annual financial obligations and plan accordingly.
Average Slayton Tax Bill
$1,245
Average Murray County Tax Bill
$1,236
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Slayton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56172 | $288 | $660 | $1,245 | $2,318 | $3,435 |
Source: Ownwell