Farwell, Minnesota Property Taxes
The median property tax rate in Farwell, MN is 0.77%, notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Farwell at $259,300, the typical annual property tax bill amounts to $1,802, which is below the national median of $2,690. Property taxes in Farwell are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Farwell'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 Farwell 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
Farwell, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$1,997
Ownwell’s Farwell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farwell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farwell 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 Farwell, Minnesota
Property taxes in Farwell, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farwell is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Farwell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farwell 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 Farwell's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56327 has the highest median property tax rate of 0.77%, while the same zip code 56327 also has the lowest median tax rate of 0.77%. Understanding how these cities compare with Farwell provides valuable insights into the varying tax landscape across Douglas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farwell Tax Rate
0.77%
Average Douglas County Tax Rate
0.86%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farwell, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56327 | 0.52% | 0.67% | 0.77% | 0.83% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Farwell, Minnesota
In Farwell, 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 Douglas County Assessor 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 Farwell, 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 Farwell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Farwell is $259,300, with the 25th percentile tax bill at $734 and the 75th percentile at $3,192. The zip code with the highest and lowest median tax bill is 56327, both at $1,802.
Average Farwell Assessed Value
$259,300
Average Douglas County Assessed Value
$264,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farwell, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56327 | $40,340 | $115,600 | $259,300 | $439,100 | $593,340 |
Source: Ownwell
Property Tax Bills Across Farwell, Minnesota
In Farwell, Douglas County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by county assessors. The assessed value is a percentage of the market value, reflecting what the property could sell for under normal conditions. Homeowners in Farwell face a median property tax rate of 0.99%, aligning with the national median. The tax bill is influenced by several factors, including the property's location, size, and improvements. For example, the median home price in Farwell is $259,300, leading to varying tax bills. At the 25th percentile, homeowners might pay around $734, while those in the 75th percentile could see bills as high as $3,192. The top 10% of property tax bills can reach up to $4,412. These taxes fund essential local services such as schools, public safety, and infrastructure. For homeowners, understanding these factors is crucial for financial planning and anticipating yearly property tax obligations.
Average Farwell Tax Bill
$1,802
Average Douglas County Tax Bill
$2,330
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Farwell, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56327 | $298 | $734 | $1,802 | $3,192 | $4,412 |
Source: Ownwell