Verndale, Minnesota Property Taxes
The median property tax rate in Verndale, MN is 0.52%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Verndale at $300,450, the typical annual property tax bill amounts to $1,560, well below the national median of $2,690. Property taxes in Verndale are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Verndale'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 Verndale or another part of Todd County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Verndale, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.52%
Estimate Property Tax Bill
$1,562
Ownwell’s Verndale Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Verndale. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Verndale to provide an accurate estimate of your property tax bill. This valuable resource helps you understand potential tax liabilities with ease. For those interested in more detailed trends at the neighborhood level, further localized information is available below. Your property’s assessed value, determined by Todd County, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Verndale, Minnesota
Property taxes in Verndale, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Verndale is 0.52%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Verndale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Verndale 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 Verndale's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56481 has both the highest and lowest median property tax rate of 0.52%. Understanding how these cities compare with Verndale provides valuable insights into the varying tax landscape across Todd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Verndale Tax Rate
0.52%
Average Todd County Tax Rate
0.88%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Verndale, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56481 | 0.27% | 0.35% | 0.52% | 0.88% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Verndale, Minnesota
In Verndale, 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 Todd 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 Verndale, 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 Verndale is $300,450, with tax bills ranging from $906 at the 25th percentile to $3,170 at the 90th percentile. 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 Verndale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Verndale Assessed Value
$300,450
Average Todd County Assessed Value
$198,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Verndale, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56481 | $136,150 | $204,475 | $300,450 | $419,025 | $572,630 |
Source: Ownwell
Property Tax Bills Across Verndale, Minnesota
In Verndale, located in Todd County, MN, property tax bills are calculated based on the assessed value of a property. The median home price in Verndale is $300,450. To determine the property tax bill, the assessed value is multiplied by the local tax rate. For example, the median tax bill in Verndale is $1,560.00, which aligns with the national median property tax rate of 0.99%. Several factors influence the property tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. Homeowners in Verndale may see a range in their tax bills, with the 25th percentile at $906 and the 75th percentile at $2,225. At the higher end, the 90th percentile tax bill reaches $3,170. These property tax bills significantly impact homeowners by contributing to local services such as schools, public safety, and infrastructure. Understanding how these factors interplay helps homeowners anticipate their annual financial obligations and budget accordingly.
Average Verndale Tax Bill
$1,560
Average Todd County Tax Bill
$1,544
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Verndale, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56481 | $518 | $906 | $1,560 | $2,225 | $3,170 |
Source: Ownwell