Mahtomedi, Minnesota Property Taxes
The median property tax rate in Mahtomedi, MN is 1.09%, 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 $457,000 in Mahtomedi, the typical annual property tax bill amounts to $5,054, significantly exceeding the national median of $2,690. Property taxes in Mahtomedi are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Mahtomedi'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 Mahtomedi 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
Mahtomedi, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$4,981
Ownwell’s Mahtomedi Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mahtomedi with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mahtomedi 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 Mahtomedi, Minnesota
Property taxes in Mahtomedi, Minnesota, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Mahtomedi is 1.09%, which is higher than the national median of 0.99%. Local government entities within Mahtomedi set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mahtomedi 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 Mahtomedi's effective property tax rate to other areas and the national median. For comparison, the zip code 55115 has the same median property tax rate of 1.09%. Understanding how these cities compare with Mahtomedi provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mahtomedi Tax Rate
1.09%
Average Washington County Tax Rate
1.12%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mahtomedi, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55115 | 0.87% | 1.08% | 1.09% | 1.16% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Mahtomedi, Minnesota
In Mahtomedi, 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 Washington 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 Mahtomedi, 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 Mahtomedi helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Mahtomedi both stand at $5,054, located in the 55115 zip code.
Average Mahtomedi Assessed Value
$457,000
Average Washington County Assessed Value
$376,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mahtomedi, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55115 | $348,920 | $395,800 | $457,000 | $553,050 | $638,880 |
Source: Ownwell
Property Tax Bills Across Mahtomedi, Minnesota
In Mahtomedi, located in Washington 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 Mahtomedi is $457,000. Homeowners can expect their property tax bills to fall within a range, with the 25th percentile bill at $4,312 and the 75th percentile bill at $5,819. For those in the 90th percentile, the tax bill can go up to $6,786. The highest and lowest median tax bills are both recorded at $5,054 in the 55115 zip code, indicating a consistent tax rate across the area. Factors influencing the tax bill include the home's assessed value, which is determined by the county assessor, and the local tax rate. These taxes fund essential services such as schools, roads, and emergency services. Compared to the national median property tax rate of 0.99%, Mahtomedi's property taxes are relatively high, reflecting the high property values and the quality of public services in the area.
Average Mahtomedi Tax Bill
$5,054
Average Washington County Tax Bill
$4,148
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Mahtomedi, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55115 | $3,915 | $4,312 | $5,054 | $5,819 | $6,786 |
Source: Ownwell