Fairmount, Minnesota Property Taxes
The median property tax rate in Fairmount, MN is 0.65%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $133,900 in Fairmount, the typical annual property tax bill is around $875, which is well below the national median of $2,690. Property taxes in Fairmount are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Fairmount'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 Fairmount or another part of Wilkin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fairmount, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$870
Ownwell’s Fairmount Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairmount with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairmount 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 Fairmount, Minnesota
Property taxes in Fairmount, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairmount is 1.22%, higher than both the Minnesota state median of 1.05% and the U.S. national median of 0.99%. Local government entities within Fairmount set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairmount 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 Fairmount's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56031 zip code has the highest median property tax rate of 1.22%, while the 56031 zip code has the lowest median tax rate of 1.22%. Understanding how these cities compare with Fairmount provides valuable insights into the varying tax landscape across Martin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairmount Tax Rate
0.65%
Average Wilkin County Tax Rate
0.90%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairmount, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58030 | 0.53% | 0.58% | 0.65% | 0.73% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Fairmount, Minnesota
In Fairmount, 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 Wilkin 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 Fairmount, 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. In Fairmount, the highest and lowest median tax bills are both $875, found in zip code 58030. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fairmount Assessed Value
$133,900
Average Wilkin County Assessed Value
$164,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairmount, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58030 | $132,860 | $133,250 | $133,900 | $134,550 | $134,940 |
Source: Ownwell
Property Tax Bills Across Fairmount, Minnesota
In Fairmount, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value, reflecting what the property would likely sell for in the current market. For instance, with a median home price of $133,900, the tax bill can vary significantly. Factors such as property size, location, and improvements are considered in the assessment. Homeowners in Fairmount can expect tax bills ranging from $774 at the 25th percentile to $1,036 at the 90th percentile. The median tax bill in Fairmount is $875, which is lower than the national median property tax rate of 0.99%. This lower tax rate can be beneficial for homeowners, making it more affordable to maintain property ownership. However, it’s important to note that these taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting community quality and property values.
Average Fairmount Tax Bill
$875
Average Wilkin County Tax Bill
$1,424
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairmount, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58030 | $714 | $774 | $875 | $976 | $1,036 |
Source: Ownwell