Minneota, Minnesota Property Taxes
The median property tax rate in Minneota, MN is 0.74%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $115,100 in Minneota, the typical annual property tax bill is $1,050, which is well below the national median of $2,690. Property taxes in Minneota are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Minneota'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 Minneota or another part of Yellow Medicine County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Minneota, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$852
Ownwell’s MINNEOTA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MINNEOTA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MINNEOTA 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 Minneota, Minnesota
Property taxes in Minneota, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Minneota is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Minneota set these rates annually, and they can vary significantly across different neighborhoods. Each year, Minneota 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 Minneota's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56264 has the same median property tax rate of 0.74%. Understanding how these cities compare with Minneota provides valuable insights into the varying tax landscape across Yellow Medicine County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Minneota Tax Rate
0.74%
Average Yellow Medicine County Tax Rate
1.38%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Minneota, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56264 | 0.29% | 0.46% | 0.74% | 0.96% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Minneota, Minnesota
In Minneota, 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 Yellow Medicine County Assessor 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 Minneota, 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 Minneota helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Minneota are both $1050, found in the 56264 zip code.
Average Minneota Assessed Value
$115,100
Average Yellow Medicine County Assessed Value
$131,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Minneota, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56264 | $30,700 | $57,650 | $115,100 | $596,450 | $1,565,600 |
Source: Ownwell
Property Tax Bills Across Minneota, Minnesota
In Minneota, located in Yellow Medicine County, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the property's size, age, location, and condition. Additionally, market trends and recent sales of comparable properties in the area can impact the assessment. For example, the median home price in Minneota is $115,100, which serves as a baseline for many assessments. Homeowners in Minneota experience a range of tax bills. The 25th percentile tax bill is $514, while the 75th percentile reaches $3,226. At the higher end, the 90th percentile tax bill is $4,754. These taxes fund essential local services such as schools, public safety, and infrastructure, directly affecting the quality of life for residents. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Minneota Tax Bill
$1,050
Average Yellow Medicine County Tax Bill
$1,634
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Minneota, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56264 | $298 | $514 | $1,050 | $3,226 | $4,754 |
Source: Ownwell