Fairfax, Minnesota Property Taxes
The median property tax rate in Fairfax, MN is 1.29%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Fairfax, the typical annual property tax bill reaches $1,448, exceeding the national median of $2,690. Property taxes in Fairfax 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 Fairfax'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 Fairfax 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
Fairfax, 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 Fairfax Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairfax with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairfax 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 Fairfax, Minnesota
Property taxes in Fairfax, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairfax is 1.29%, which is notably higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Fairfax set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairfax 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 Fairfax's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55332 zip code has the highest median property tax rate of 1.29%, while the same zip code also has the lowest median tax rate of 1.29%. Understanding how these cities compare with Fairfax provides valuable insights into the varying tax landscape across Renville County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairfax Tax Rate
1.29%
Average Renville County Tax Rate
1.31%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairfax, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55332 | 0.27% | 0.73% | 1.29% | 1.63% | 2.06% |
Source: Ownwell
Property Tax Assessment Values Across Fairfax, Minnesota
In Fairfax, 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 Renville 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 Fairfax, 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. Fairfax homeowners can expect tax bills ranging from $782 at the 25th percentile to $3,574 at the 90th percentile. The zip code 55332 has the highest and lowest median tax bill at $1,448. 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 Fairfax helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fairfax Assessed Value
$123,600
Average Renville County Assessed Value
$142,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairfax, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55332 | $30,000 | $69,450 | $123,600 | $224,800 | $925,160 |
Source: Ownwell
Property Tax Bills Across Fairfax, Minnesota
In Fairfax, located in Renville County, MN, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in Fairfax stands at $123,600. Homeowners typically see a range of tax bills depending on their property's assessed value. For example, the tax bill at the 25th percentile is $782, while at the 75th percentile, it rises to $2,364. For those in the 90th percentile, the tax bill can reach as high as $3,574. These figures are influenced by various factors, including property size, location, and any applicable exemptions. The local tax rate is applied to the assessed value to determine the final bill. Compared to the national median property tax rate of 0.99%, Fairfax's rates can vary significantly. This variability in tax bills can impact homeowners by affecting their annual housing costs, potentially influencing decisions related to buying, selling, or investing in property within the area.
Average Fairfax Tax Bill
$1,448
Average Renville County Tax Bill
$1,564
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairfax, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55332 | $420 | $782 | $1,448 | $2,364 | $3,574 |
Source: Ownwell