Morgan, Minnesota Property Taxes
The median property tax rate in Morgan, MN is 0.66%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Morgan, the typical annual property tax bill reaches $743, significantly below the national median of $2,690. Property taxes in Morgan 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 Morgan'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 Morgan 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
Morgan, 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 MORGAN Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in MORGAN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MORGAN to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in seeing trends at a neighborhood level, more localized information is available below. 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 Morgan, Minnesota
Property taxes in Morgan, Minnesota, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Morgan is 1.11%, higher than both the Minnesota state median of 1.03% and the U.S. national median of 0.99%. Local government entities within Morgan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morgan 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 Morgan's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56266 zip code has the highest median property tax rate of 1.11%, while the same 56266 zip code also has the lowest median tax rate of 1.11%. Understanding how these cities compare with Morgan provides valuable insights into the varying tax landscape across Redwood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morgan Tax Rate
0.66%
Average Brown County Tax Rate
1.37%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morgan, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56266 | 0.26% | 0.32% | 0.66% | 1.00% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Morgan, Minnesota
In Morgan, 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 local 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 Morgan, 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 Morgan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 56266 has both the highest and lowest median tax bill of $743, reflecting the diverse range of property values within the area.
Average Morgan Assessed Value
$145,900
Average Brown County Assessed Value
$152,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morgan, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56266 | $9,800 | $27,000 | $145,900 | $558,800 | $1,209,020 |
Source: Ownwell
Property Tax Bills Across Morgan, Minnesota
In Morgan, located in Brown County, MN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local government assessors who evaluate the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For context, the median home price in Morgan is $145,900. Several factors influence the final tax bill, including property improvements, changes in the local tax rate, and any applicable exemptions. For instance, tax bills in Morgan can range significantly, with the 25th percentile at $304 and the 90th percentile reaching $3698. These variations illustrate how property characteristics and local policies impact the tax amount. Compared to the national median property tax rate of 0.99%, Morgan's property tax rate may offer some homeowners a more favorable financial situation. However, understanding these factors is crucial for homeowners to anticipate their tax obligations and budget accordingly.
Average Morgan Tax Bill
$743
Average Brown County Tax Bill
$1,856
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Morgan, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56266 | $127 | $304 | $743 | $2,257 | $3,698 |
Source: Ownwell