Mantorville, Minnesota Property Taxes
The median property tax rate in Mantorville, MN is 1.15%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Mantorville at $485,100, the typical annual property tax bill reaches $5,596, exceeding the national median of $2,690. Property taxes in Mantorville are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mantorville'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 Mantorville 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
Mantorville, 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 Mantorville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mantorville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mantorville 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 Mantorville, Minnesota
Property taxes in Mantorville, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mantorville is 1.15%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Mantorville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mantorville 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 Mantorville's effective property tax rate to other regions in Minnesota and the national median. For comparison, the zip code 55955 has both the highest and lowest median property tax rate of 1.15%. Understanding how these areas compare with Mantorville provides valuable insights into the varying tax landscape across Olmsted County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mantorville Tax Rate
1.15%
Average Olmsted County Tax Rate
1.24%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mantorville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55955 | 1.00% | 1.06% | 1.15% | 1.21% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Mantorville, Minnesota
In Mantorville, 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 Olmsted 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 Mantorville, 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. For instance, the median home price in Mantorville is $485,100, with tax bills ranging from $4,002 at the 25th percentile to $8,455 at the 90th percentile. Notably, the zip code 55955 has both the highest and lowest median tax bill at $5,596. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage the tax burden effectively.
Average Mantorville Assessed Value
$485,100
Average Olmsted County Assessed Value
$264,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mantorville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55955 | $245,910 | $372,225 | $485,100 | $587,000 | $693,560 |
Source: Ownwell
Property Tax Bills Across Mantorville, Minnesota
In Mantorville, located in Olmsted County, MN, property tax bills are determined by a combination of the assessed value of a property and the local tax rate. The assessed value is established by the county assessor and reflects the market value of the property. Once the assessed value is determined, the local tax rate is applied to calculate the annual tax bill. Several factors influence the final tax bill, including property improvements, neighborhood changes, and overall market trends. For example, the median home price in Mantorville is $485,100. Homeowners can expect a tax bill ranging from $4,002 at the 25th percentile to $8,455 at the 90th percentile, depending on their property's assessed value and specific circumstances. Compared to the national median property tax rate of 0.99%, Mantorville's tax bills can be relatively high, impacting homeowners by increasing their annual expenses. Understanding these factors is crucial for homeowners to budget effectively and potentially seek exemptions or appeals to lower their tax burden.
Average Mantorville Tax Bill
$5,596
Average Olmsted County Tax Bill
$3,296
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Mantorville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55955 | $2,531 | $4,002 | $5,596 | $7,116 | $8,455 |
Source: Ownwell