Fairfax, Minnesota Property Taxes
The median property tax rate in Fairfax, MN is 0.76%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value in Fairfax of $276,700, the typical annual property tax bill amounts to $1,418, significantly less than the national median of $2,690. Property taxes in Fairfax are determined based on the tax assessed value, which is usually lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Fairfax'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 Fairfax or another part of the city, comprehending 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
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$2,103
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 0.76%, which is lower 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. Understanding how these cities compare with Fairfax provides valuable insights into the varying tax landscape across Sibley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairfax Tax Rate
0.76%
Average Sibley County Tax Rate
0.81%
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 | 0.39% | 0.43% | 0.76% | 0.77% | 0.82% |
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 Sibley 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. The median home price in Fairfax is $276,700, with tax bills ranging from $1,398 at the 25th percentile to $2,200 at the 90th percentile. The highest and lowest median tax bills are both $1,418 in the 55332 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fairfax Assessed Value
$276,700
Average Sibley County Assessed Value
$273,200
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 | $158,680 | $184,900 | $276,700 | $379,000 | $423,220 |
Source: Ownwell
Property Tax Bills Across Fairfax, Minnesota
In Fairfax, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Sibley County. The assessed value is determined by the county assessor and reflects the market value of the property. Once the assessed value is established, the tax rate is applied to calculate the annual tax bill. For homeowners in Fairfax, the median home price is $276,700. At the 25th percentile, property tax bills are around $1,398, while at the 75th percentile, they can reach up to $1,954. For those in the 90th percentile, the tax bill can go as high as $2,200. Compared to the national median property tax rate of 0.99%, Fairfax's rates are quite competitive. These property tax bills directly impact homeowners by influencing their annual expenses and overall cost of homeownership. Understanding these factors can help residents plan their finances better and anticipate future tax obligations.
Average Fairfax Tax Bill
$1,418
Average Sibley County Tax Bill
$2,314
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 | $1,200 | $1,398 | $1,418 | $1,954 | $2,200 |
Source: Ownwell