Altura, Minnesota Property Taxes
The median property tax rate in Altura, MN is 0.73%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Altura, the typical annual property tax bill reaches $1,648, significantly below the national median of $2,690. Property taxes in Altura 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 Altura'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 Altura 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
Altura, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$1,685
Ownwell’s Altura Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Altura with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Altura 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 Altura, Minnesota
Property taxes in Altura, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Altura is 0.73%, lower than the U.S. national median of 0.99%. Local government entities within Altura set these rates annually, and they can vary significantly across different neighborhoods. Each year, Altura 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 Altura's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55910 zip code has the highest median property tax rate of 0.73%, while the 55910 zip code also has the lowest median tax rate of 0.73%. Understanding how these cities compare with Altura provides valuable insights into the varying tax landscape across Winona County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Altura Tax Rate
0.73%
Average Winona County Tax Rate
0.91%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Altura, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55910 | 0.39% | 0.65% | 0.73% | 0.82% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Altura, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Altura, Minnesota. 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 Winona 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 Altura, 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. For instance, in Altura, the highest median tax bill is $1,648 in the 55910 zip code, while the lowest median tax bill is also $1,648 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Altura Assessed Value
$230,850
Average Winona County Assessed Value
$212,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Altura, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55910 | $67,760 | $147,575 | $230,850 | $340,325 | $546,300 |
Source: Ownwell
Property Tax Bills Across Altura, Minnesota
In Altura, located in Winona County, MN, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The assessed value is an estimate of the property's worth, which serves as the foundation for calculating the tax bill. Several factors influence this assessed value, including the property's size, location, and condition, as well as recent sales of comparable properties in the area. Homeowners in Altura can expect varying tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is approximately $1,050, while the 75th percentile reaches around $2,432. At the higher end, the 90th percentile tax bill can be as much as $3,322. These figures highlight the range of property tax obligations homeowners face in Altura, compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan accordingly, ensuring they are prepared for this essential expense.
Average Altura Tax Bill
$1,648
Average Winona County Tax Bill
$1,884
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Altura, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55910 | $376 | $1,050 | $1,648 | $2,432 | $3,322 |
Source: Ownwell