Albany, Minnesota Property Taxes
The median property tax rate in Albany, MN is 1.08%, 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 $298,900, the typical annual property tax bill in Albany reaches $3,055, surpassing the national median of $2,690. Property taxes in Albany are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Albany'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 Albany 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
Albany, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$3,228
Ownwell’s Albany Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Albany with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Albany 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 Albany, Minnesota
Property taxes in Albany, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Albany is 1.08%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Albany set these rates annually, and they can vary significantly across different neighborhoods. Each year, Albany 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 Albany's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56307 zip code has the highest median property tax rate of 1.08%, while the same zip code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with Albany provides valuable insights into the varying tax landscape across Stearns County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albany Tax Rate
1.08%
Average Stearns County Tax Rate
1.08%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albany, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56307 | 0.42% | 0.77% | 1.08% | 1.24% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Albany, Minnesota
In Albany, 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 Stearns 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 Albany, 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 Albany is $298,900, with tax bills ranging from $2,312 at the 25th percentile to $5,294 at the 90th percentile. The highest and lowest median tax bills in Albany are both $3,055, specifically in the 56307 zip code. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Albany Assessed Value
$298,900
Average Stearns County Assessed Value
$269,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albany, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56307 | $160,760 | $215,800 | $298,900 | $463,550 | $730,900 |
Source: Ownwell
Property Tax Bills Across Albany, Minnesota
In Albany, located in Stearns 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 Albany is $298,900, and the property tax rate is influenced by various factors, including local government budgets and school district funding needs. Homeowners can expect their tax bills to fall within a range, with the 25th percentile at $2,312 and the 75th percentile at $4,086, while the 90th percentile reaches up to $5,294. The highest median tax bill in the area is $3,055, which is significantly above the national median property tax rate of 0.99%. This means homeowners in Albany may pay more in property taxes compared to the national average, impacting their overall cost of homeownership. Understanding these factors is crucial for homeowners to budget effectively and anticipate their annual property tax obligations.
Average Albany Tax Bill
$3,055
Average Stearns County Tax Bill
$2,818
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Albany, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56307 | $1,621 | $2,312 | $3,055 | $4,086 | $5,294 |
Source: Ownwell