Royalton, Minnesota Property Taxes
The median property tax rate in Royalton, MN is 0.96%, slightly below the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Royalton at $371,100, the typical annual property tax bill reaches $3,320, surpassing the national median of $2,690. Property taxes in Royalton 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 Royalton'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 Royalton or another part of Benton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Royalton, 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 Royalton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Royalton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Royalton 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 Benton County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Royalton, Minnesota
Property taxes in Royalton, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Royalton is 0.96%, slightly lower than the U.S. national median of 0.99%. Local government entities within Royalton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Royalton 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 Royalton's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56373 zip code has the highest median property tax rate of 0.96%, while the same zip code also has the lowest median tax rate of 0.96%. Understanding how these cities compare with Royalton provides valuable insights into the varying tax landscape across Benton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Royalton Tax Rate
0.96%
Average Benton County Tax Rate
1.02%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Royalton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56373 | 0.61% | 0.86% | 0.96% | 1.05% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Royalton, Minnesota
In Royalton, 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 Benton 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 Royalton, 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. The highest median tax bill in Royalton is $3,320 in zip code 56373, while the lowest median tax bill is also $3,320 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 Royalton Assessed Value
$371,100
Average Benton County Assessed Value
$250,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Royalton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56373 | $79,800 | $214,550 | $371,100 | $507,250 | $654,800 |
Source: Ownwell
Property Tax Bills Across Royalton, Minnesota
In Royalton, Benton County, MN, 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 and reflects the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Factors influencing the tax bill include the property's market value, local tax levies, and any applicable exemptions. For example, in Royalton, the median home price is $371,100. Homeowners in the 25th percentile pay around $1,392 annually, while those in the 75th percentile face a tax bill of approximately $5,065. The highest median tax bill in the area is $3,320, which is significantly higher than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, infrastructure, and emergency services, impacting homeowners directly by contributing to the community's overall quality of life.
Average Royalton Tax Bill
$3,320
Average Benton County Tax Bill
$2,428
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Royalton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56373 | $576 | $1,392 | $3,320 | $5,065 | $5,970 |
Source: Ownwell