Dayton, Minnesota Property Taxes
The median property tax rate in Dayton, Minnesota is 1.13%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Dayton at $457,000, the typical annual property tax bill reaches $5,255, exceeding the national median of $2,690. Property taxes in Dayton 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 Dayton'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 Dayton 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
Dayton, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Dayton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dayton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dayton 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 Dayton, Minnesota
Property taxes in Dayton, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dayton is 1.13%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Dayton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dayton 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 Dayton's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 55327 has the highest median property tax rate of 1.13%, while the same zip code has the lowest median tax rate of 1.13%. Understanding how these areas compare with Dayton provides valuable insights into the varying tax landscape across Wright County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dayton Tax Rate
1.13%
Average Wright County Tax Rate
1.04%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dayton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55327 | 1.02% | 1.05% | 1.13% | 1.16% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Dayton, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Dayton, 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 Wright 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. Assessment notices in Dayton 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 Dayton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Dayton is $457,000, with tax bills ranging significantly. The highest median tax bill is $5,255 in zip code 55327, while the lowest is also $5,255 in the same zip code.
Average Dayton Assessed Value
$457,000
Average Wright County Assessed Value
$352,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dayton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55327 | $297,450 | $366,550 | $457,000 | $570,300 | $648,520 |
Source: Ownwell
Property Tax Bills Across Dayton, Minnesota
In Dayton, MN, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is based on the market value of the property, which is periodically evaluated by county assessors. Factors such as property size, location, and improvements can influence this value. For homeowners in Dayton, the median home price stands at $457,000. The tax rate in Wright County plays a crucial role in calculating the final tax bill. For instance, the 25th percentile tax bill is approximately $3,774, while the 75th percentile tax bill is around $6,254. At the 90th percentile, tax bills can reach up to $7,030. These figures highlight the variability in tax obligations depending on property value and location within the county. Compared to the national median property tax rate of 0.99%, Dayton's property tax rates can significantly impact homeowners, especially those with higher-valued properties. Understanding these factors can help homeowners better anticipate their annual property tax responsibilities.
Average Dayton Tax Bill
$5,255
Average Wright County Tax Bill
$3,554
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Dayton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55327 | $2,971 | $3,774 | $5,255 | $6,254 | $7,030 |
Source: Ownwell