Meadowlands, Minnesota Property Taxes
The median property tax rate in Meadowlands, MN is 0.93%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Meadowlands at $74,150, the typical annual property tax bill comes to $654, significantly below the national median of $2,690. Property taxes in Meadowlands are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Meadowlands' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Meadowlands 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
Meadowlands, 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 Meadowlands Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Meadowlands with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Meadowlands 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 St. Louis County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Meadowlands, Minnesota
Property taxes in Meadowlands, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Meadowlands is 0.93%, slightly below the U.S. national median of 0.99%. Local government entities within Meadowlands set these rates annually, and they can vary significantly across different neighborhoods. Each year, Meadowlands 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 Meadowlands' effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 55765 has the highest median property tax rate of 0.93%, while the same zip code also has the lowest median tax rate of 0.93%. Understanding how these cities compare with Meadowlands 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 Meadowlands Tax Rate
0.93%
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 Meadowlands, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55765 | 0.48% | 0.64% | 0.93% | 1.14% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Meadowlands, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Meadowlands, 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 Meadowlands, 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 Meadowlands helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Meadowlands, both $654, are found in zip code 55765.
Average Meadowlands Assessed Value
$74,150
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 Meadowlands, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55765 | $17,510 | $47,825 | $74,150 | $114,150 | $147,550 |
Source: Ownwell
Property Tax Bills Across Meadowlands, Minnesota
In Meadowlands, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the home's size, age, location, and market conditions. For instance, the median home price in Meadowlands is $74,150. Homeowners in Meadowlands can expect tax bills to vary significantly. For example, the tax bill at the 25th percentile is $404, while at the 75th percentile, it's $908, and at the 90th percentile, it reaches $1,313. These variations reflect differences in property values and specific neighborhood tax rates within St. Louis County. Compared to the national median property tax rate of 0.99%, Meadowlands offers a relatively affordable option for homeowners. Understanding how these factors come together to determine property taxes can help residents anticipate and manage their annual expenses more effectively.
Average Meadowlands Tax Bill
$654
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 Meadowlands, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55765 | $217 | $404 | $654 | $908 | $1,313 |
Source: Ownwell