Madelia, Minnesota Property Taxes
The median property tax rate in Madelia, MN is 0.70%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Madelia at $320,100, the typical annual property tax bill reaches $2,094, which is below the national median of $2,690. Property taxes in Madelia 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 Madelia'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 Madelia or another part of Blue Earth County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Madelia, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$2,241
Ownwell’s Madelia Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Madelia with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Madelia to provide an accurate estimate of your property tax bill. This user-friendly tool offers valuable insights into potential tax liabilities, helping you make informed financial decisions. For those interested in more granular details, you can explore neighborhood-level trends further down the page. Your property’s assessed value is determined by the county for tax calculations and includes any applicable exemptions.
Property Tax Rates Across Madelia, Minnesota
Property taxes in Madelia, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Madelia is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Madelia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Madelia 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 Madelia's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56062 has both the highest and lowest median property tax rate of 0.70%. Understanding how these cities compare with Madelia provides valuable insights into the varying tax landscape across Blue Earth County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Madelia Tax Rate
0.70%
Average Blue Earth County Tax Rate
1.06%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Madelia, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56062 | 0.29% | 0.40% | 0.70% | 0.79% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Madelia, Minnesota
In Madelia, 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 Blue Earth 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 Madelia, 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 Madelia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 56062 has the highest median tax bill of $2,094, which is also the lowest, highlighting a unique uniformity in tax burdens in this region.
Average Madelia Assessed Value
$320,100
Average Blue Earth County Assessed Value
$262,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Madelia, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56062 | $156,980 | $209,525 | $320,100 | $599,825 | $1,346,270 |
Source: Ownwell
Property Tax Bills Across Madelia, Minnesota
In Madelia, Blue Earth County, MN, property tax bills are calculated based on the assessed value of your home, which is determined by local assessors. The assessed value reflects the market value of your property, and the local tax rate is then applied to this value. For homeowners in Madelia, the median home price stands at $320,100, influencing the overall tax bill. Tax bills in this area can vary significantly. For example, at the 25th percentile, homeowners might pay around $1,412, while at the 75th percentile, the tax bill can rise to $3,498. At the 90th percentile, it can go as high as $4,626. The highest and lowest median tax bills in the region are both $2,094, indicating a relatively stable range. Compared to the national median property tax rate of 0.99%, Madelia's tax rates can be considered moderate, but the actual amount paid varies widely based on property values. These taxes fund essential local services like schools, public safety, and infrastructure, directly impacting the quality of life for residents.
Average Madelia Tax Bill
$2,094
Average Blue Earth County Tax Bill
$2,724
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Madelia, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56062 | $940 | $1,412 | $2,094 | $3,498 | $4,626 |
Source: Ownwell