Jeffers, Minnesota Property Taxes
The median property tax rate in Jeffers, MN is 1.22%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Jeffers at $79,000, the typical annual property tax bill reaches $894, still below the national median of $2,690. Property taxes in Jeffers 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 Jeffers' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Jeffers 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
Jeffers, 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 Jeffers Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jeffers with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jeffers 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 Jeffers, Minnesota
Property taxes in Jeffers, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jeffers is 1.22%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Jeffers set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jeffers 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 Jeffers' effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56145 has both the highest and lowest median property tax rate of 1.22%. Understanding how these cities compare with Jeffers provides valuable insights into the varying tax landscape across Cottonwood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jeffers Tax Rate
1.22%
Average Cottonwood County Tax Rate
1.24%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jeffers, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56145 | 0.52% | 0.86% | 1.22% | 1.51% | 1.92% |
Source: Ownwell
Property Tax Assessment Values Across Jeffers, Minnesota
In Jeffers, 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 Cottonwood 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 Jeffers, 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 Jeffers helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 56145 has both the highest and lowest median tax bills, standing at $894.
Average Jeffers Assessed Value
$79,000
Average Cottonwood County Assessed Value
$129,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jeffers, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56145 | $14,640 | $44,500 | $79,000 | $141,200 | $242,620 |
Source: Ownwell
Property Tax Bills Across Jeffers, Minnesota
In Jeffers, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to arrive at the annual tax bill. Factors such as the home's size, location, and condition play a significant role in determining its assessed value. For example, the median home price in Jeffers is $79,000, and property tax bills can vary significantly. Homeowners in the 25th percentile can expect to pay around $522 annually, while those in the 75th percentile might see bills as high as $1,524. The top 10% of homeowners could face tax bills up to $2,323. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Jeffers' tax rates provide a balanced approach to supporting community needs while considering homeowners' financial responsibilities. The highest and lowest median tax bills in Jeffers are both $894, indicating a consistent tax environment within the city.
Average Jeffers Tax Bill
$894
Average Cottonwood County Tax Bill
$1,456
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Jeffers, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56145 | $192 | $522 | $894 | $1,524 | $2,323 |
Source: Ownwell