Byron, Minnesota Property Taxes
The median property tax rate in Byron, MN is 1.01%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With the median home value in Byron at $405,500, the typical annual property tax bill reaches $3,804, significantly surpassing the national median of $2,690. Property taxes in Byron 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 Byron'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 Byron 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
Byron, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$4,096
Ownwell’s Byron Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Byron with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Byron 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 Byron, Minnesota
Property taxes in Byron, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Byron is 1.01%, slightly higher than the U.S. national median of 0.99%. Local government entities within Byron set these rates annually, and they can vary significantly across different neighborhoods. Each year, Byron 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 Byron's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55920 has the highest median property tax rate of 1.01%, while the same zip code also has the lowest median tax rate of 1.01%. Understanding how these cities compare with Byron provides valuable insights into the varying tax landscape across Dodge County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Byron Tax Rate
1.01%
Average Dodge County Tax Rate
1.28%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Byron, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55920 | 0.56% | 0.99% | 1.01% | 1.06% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Byron, Minnesota
In Byron, 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 Dodge 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 Byron, 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 Byron helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 55920, with a median tax bill of $3,804.
Average Byron Assessed Value
$405,500
Average Dodge County Assessed Value
$291,650
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Byron, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55920 | $330,460 | $355,300 | $405,500 | $437,400 | $770,280 |
Source: Ownwell
Property Tax Bills Across Byron, Minnesota
In Byron, 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. For a median home price of $405,500, homeowners can expect a tax bill that varies significantly. At the 25th percentile, the tax bill is around $3,602, while at the 75th percentile, it rises to approximately $4,406. The 90th percentile sees tax bills reaching up to $4,699. Several factors influence the tax bill, including property size, location, and any applicable exemptions. The local tax rate is applied to the assessed value to determine the final amount. This process ensures that homeowners contribute fairly to community services and infrastructure. Compared to the national median property tax rate of 0.99%, Byron's property taxes can be seen as relatively high, impacting homeowners' annual expenses significantly. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Byron Tax Bill
$3,804
Average Dodge County Tax Bill
$3,286
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Byron, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55920 | $3,378 | $3,602 | $3,804 | $4,406 | $4,699 |
Source: Ownwell