Cyrus, Minnesota Property Taxes
The median property tax rate in Cyrus, MN is 0.70%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Cyrus, the typical annual property tax bill amounts to $816, far below the national median of $2,690. Property taxes in Cyrus are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cyrus'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 Cyrus or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cyrus, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$863
Ownwell’s Cyrus Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cyrus with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cyrus 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 Cyrus, Minnesota
Property taxes in Cyrus, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cyrus is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Cyrus set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cyrus 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 Cyrus's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56323 zip code has the same median property tax rate of 0.70%. Understanding how these cities compare with Cyrus provides valuable insights into the varying tax landscape across Stevens County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cyrus Tax Rate
0.70%
Average Stevens County Tax Rate
1.24%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cyrus, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56323 | 0.60% | 0.64% | 0.70% | 0.82% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Cyrus, Minnesota
In Cyrus, 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 Stevens 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 Cyrus, 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 Cyrus helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 56323 at $816.00, while the one with the lowest is also 56323 at $816.00, highlighting a uniformity in tax bills across the region.
Average Cyrus Assessed Value
$123,300
Average Stevens County Assessed Value
$112,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cyrus, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56323 | $3,940 | $57,400 | $123,300 | $200,600 | $271,960 |
Source: Ownwell
Property Tax Bills Across Cyrus, Minnesota
In Cyrus, located in Stevens County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Cyrus typically see a median home price of $123,300. The tax rate in Cyrus is applied to this assessed value to determine the annual property tax bill. Several factors play a role in this calculation, including local government budgets, school funding needs, and public service requirements. For example, homeowners at the 25th percentile pay around $426 annually, while those at the 75th percentile see bills closer to $1406. The highest tax bills, at the 90th percentile, reach up to $1631. Compared to the national median property tax rate of 0.99%, the rates in Cyrus can be relatively moderate, affecting homeowners by ensuring they contribute to essential community services and infrastructure, while also influencing the overall affordability of living in the area.
Average Cyrus Tax Bill
$816
Average Stevens County Tax Bill
$1,340
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Cyrus, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56323 | $26 | $426 | $816 | $1,406 | $1,631 |
Source: Ownwell