Alborn, Minnesota Property Taxes
The median property tax rate in Alborn, MN is 1.04%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With a median home value of $127,400 in Alborn, the typical annual property tax bill amounts to $1,226, which is below the national median of $2,690. Property taxes in Alborn are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Alborn'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 Alborn 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
Alborn, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$1,325
Ownwell’s Alborn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Alborn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Alborn 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 Alborn, Minnesota
Property taxes in Alborn, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Alborn is 1.04%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Alborn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Alborn 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 Alborn's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55702 zip code has the highest median property tax rate of 1.04%, while the same zip code also has the lowest median tax rate of 1.04%. Understanding how these cities compare with Alborn provides valuable insights into the varying tax landscape across St. Louis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Alborn Tax Rate
1.04%
Average St. Louis County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Alborn, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55702 | 0.70% | 0.87% | 1.04% | 1.14% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Alborn, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Alborn, Minnesota. 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 St. Louis County Assessor 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 Alborn, 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 Alborn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 55702, with a median tax bill of $1,226.
Average Alborn Assessed Value
$127,400
Average St. Louis County Assessed Value
$137,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Alborn, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55702 | $17,500 | $57,650 | $127,400 | $199,300 | $285,900 |
Source: Ownwell
Property Tax Bills Across Alborn, Minnesota
In Alborn, located in St. Louis County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Alborn is $127,400. Homeowners in this area can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is $578, while the 75th percentile tax bill rises to $2,083, and the 90th percentile tax bill reaches $2,981. The local tax rate is applied to the assessed value of the property, taking into consideration factors such as property improvements and market conditions. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Homeowners in Alborn often see a wide range of tax bills due to these varying assessments and local tax rates. Compared to the national median property tax rate of 0.99%, Alborn's tax bills reflect the unique economic and property market conditions of the region, impacting homeowners differently based on their property’s assessed value.
Average Alborn Tax Bill
$1,226
Average St. Louis County Tax Bill
$1,738
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Alborn, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55702 | $172 | $578 | $1,226 | $2,083 | $2,981 |
Source: Ownwell