Farmington, Dakota County, Minnesota Property Taxes

Name: Property Tax Bills Across Farmington, Dakota County, Minnesota
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Farmington, MN effective property tax rate: 1.18%, significantly higher than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Farmington, MN home value: $342,500
Median annual Farmington, MN tax bill: $4,038, $1,638 higher than the national median property tax bill of $2,400.

How are property taxes in Dakota calculated?

Property taxes in Farmington, MN are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Farmington’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Farmington, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Farmington, Dakota County, Minnesota Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.18%

Estimate Property Tax Bill

$4,042

$3,750

Ownwell’s Farmington Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Farmington with just two data points. By entering your property's estimated assessed value, our calculator applies Farmington’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Dakota. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Farmington, Dakota County, Minnesota

Local government entities set tax rates, which can vary widely within a state. Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Farmington’s effective property tax rate to other cities in Minnesota and the median property tax rates in Minnesota and the U.S. Farmington, located in Dakota County, has a property tax rate of 1.18%, which is notably higher than the national median of 1.02%. The median property tax bill in Farmington reflects this rate, standing out compared to the national median bill of $2,400. This places Farmington’s property tax obligations above the national average, indicating a higher cost of property ownership compared to many other regions across the country. Understanding these rates can help property owners in Farmington make informed financial decisions and explore potential savings through property tax appeals or exemptions.

Property Tax Rates Across Farmington, Dakota County, Minnesota

Source: Ownwell

0.59%

1.00%

1.40%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Farmington Tax Rate

1.18%

Median Effective Dakota County Tax Rate

1.06%

Median Effective Minnesota Tax Rate

1.11%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Farmington, Dakota County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
55024	0.98%	1.08%	1.18%	1.21%	1.23%
55044	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Farmington, Dakota County, Minnesota

When examining property taxes in Farmington, MN, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Dakota County Appraisal District estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Dakota County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Farmington. For example, the median home price in Farmington is $342,500, with tax bills ranging significantly across the county. Zip code 55024 has the highest median home price at $342,500.

Property Tax Assessment Values Across Farmington, Dakota County, Minnesota

Source: Ownwell

$9,600

$684,300

$1,359,000

Median Farmington Market Value

$342,500

Median Dakota County Market Value

$344,300

Median Minnesota Market Value

$290,400

Median United States Market Value

$235,294

Property Tax Assessment Values Across Farmington, Dakota County, Minnesota

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
55024	$168,270	$252,600	$342,500	$427,375	$492,700
55044	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Farmington, Dakota County, Minnesota

In Farmington, Dakota County, MN, property tax bills are calculated based on the assessed value of a home, which reflects its estimated market value. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include changes in property value, local government budgets, and voter-approved levies. The median home price in Farmington is $342,500, with tax bills ranging from $2,948 at the 25th percentile to $5,688 at the 90th percentile. The median tax bill of $4,038 is significantly higher than the national median of $2,400, reflecting the local tax rate and property values.

For homeowners, these property taxes can represent a substantial financial burden. Ownwell offers valuable assistance by reviewing property assessments to ensure accuracy, identifying potential tax exemptions, and appealing unfair assessments. By leveraging local expertise, Ownwell helps homeowners reduce their property tax bills, potentially saving them significant amounts annually. This service not only alleviates financial stress but also ensures that homeowners are not overpaying on their taxes.

Property Tax Bills Across Farmington, Dakota County, Minnesota

Source: Ownwell

$98

$5,848

$11,598

Median Farmington Tax Bill

$4,038

Median Dakota County Tax Bill

$3,728

Median Minnesota Tax Bill

$3,182

Median United States Tax Bill

$2,400

Property Tax Bills Across Farmington, Dakota County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
55024	$2,325	$2,948	$4,038	$4,942	$5,688
55044	N/A	N/A	N/A	N/A	N/A

Source: Ownwell