Porter, Minnesota Property Taxes
The median property tax rate in Porter, MN is 1.13%, which is notably higher than both the national median of 0.99% and Minnesota's state median of 1.11%. With a median home value of $135,600 in Porter, the typical annual property tax bill amounts to $1,436, surpassing the national median of $2,690. Property taxes in Porter are calculated based on the assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Porter'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 Porter 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
Porter, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$1,532
Ownwell’s PORTER Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in PORTER with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in PORTER 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 Porter, Minnesota
Property taxes in Porter, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Porter is 1.13%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Porter set these rates annually, and they can vary significantly across different neighborhoods. Each year, Porter 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 Porter's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56280 zip code has the highest median property tax rate of 1.13%, while the 56280 zip code also has the lowest median tax rate of 1.13%. Understanding how these cities compare with Porter 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 Porter Tax Rate
1.13%
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 Porter, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56280 | 0.27% | 0.60% | 1.13% | 1.48% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across Porter, Minnesota
In Porter, 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 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 Porter, 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 Porter helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Porter is $1,436 in the 56280 zip code, while the lowest median tax bill is also $1,436 in the same zip code.
Average Porter Assessed Value
$135,600
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 Porter, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56280 | $19,700 | $59,000 | $135,600 | $316,400 | $1,486,600 |
Source: Ownwell
Property Tax Bills Across Porter, Minnesota
Property tax bills in Porter, Yellow Medicine County, MN, are determined based on the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the market value, which is estimated by the county assessor. This value is then multiplied by the local tax rate to calculate the annual property tax bill. In Porter, the median home price is $135,600. Homeowners in the 25th percentile can expect a tax bill around $664, while those in the 75th percentile might see bills closer to $2,882. For the top 10% of homeowners, tax bills can reach up to $4,600. These figures illustrate the range of property tax obligations and their impact on household budgets. Compared to the national median property tax rate of 0.99%, Porter's tax rates and bills reflect its local economic conditions. Understanding these factors helps homeowners anticipate their annual expenses and budget accordingly.
Average Porter Tax Bill
$1,436
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 Porter, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56280 | $250 | $664 | $1,436 | $2,882 | $4,600 |
Source: Ownwell