Zumbro Falls, Minnesota Property Taxes
The median property tax rate in Zumbro Falls, MN is 1.13%, notably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $449,100 in Zumbro Falls, the typical annual property tax bill amounts to $4,136, surpassing the national median of $2,690. Property taxes in Zumbro Falls are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Zumbro Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Zumbro Falls 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
Zumbro Falls, 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 Zumbro Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Zumbro Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Zumbro Falls 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 Zumbro Falls, Minnesota
Property taxes in Zumbro Falls, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Zumbro Falls is 1.13%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Zumbro Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Zumbro Falls 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 Zumbro Falls' effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55991 zip code has the highest median property tax rate of 1.13%, while the same zip code also has the lowest median tax rate of 1.13%. Understanding how these cities compare with Zumbro Falls 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 Zumbro Falls Tax Rate
1.13%
Average Olmsted County Tax Rate
1.24%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Zumbro Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55991 | 0.97% | 0.98% | 1.13% | 1.14% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Zumbro Falls, Minnesota
In Zumbro Falls, 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 Zumbro Falls, 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 Zumbro Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 55991 has both the highest and lowest median tax bills, standing at $4,136.
Property Tax Assessment Values Across Zumbro Falls, Minnesota
Source: Ownwell
$207,000
$346,050
$485,100
Average Zumbro Falls Assessed Value
$449,100
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 Zumbro Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55991 | $196,160 | $298,650 | $449,100 | $570,800 | $658,260 |
Source: Ownwell
Property Tax Bills Across Zumbro Falls, Minnesota
In Zumbro Falls, located in Olmsted County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value considering factors such as location, size, and condition. Once the market value is established, the assessed value is typically a percentage of this market value. The median home price in Zumbro Falls is $449,100. Homeowners in the area can expect property tax bills that vary widely. For instance, the 25th percentile tax bill is $3,269, while the 75th percentile tax bill reaches $6,188. At the 90th percentile, property taxes can go up to $7,179. These figures highlight the significant range in tax obligations based on property values and assessments. For homeowners, understanding these factors is crucial as property taxes represent a significant annual expense. Compared to the national median property tax rate of 0.99%, the tax rates in Zumbro Falls can lead to substantial financial planning considerations.
Average Zumbro Falls Tax Bill
$4,136
Average Olmsted County Tax Bill
$3,296
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Zumbro Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55991 | $2,338 | $3,269 | $4,136 | $6,188 | $7,179 |
Source: Ownwell