Miltona, Minnesota Property Taxes
The median property tax rate in Miltona, MN is 0.79%, notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Miltona at $306,850, the typical annual property tax bill amounts to $2,412, which is below the national median of $2,690. Property taxes in Miltona are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Miltona'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 Miltona 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
Miltona, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$2,424
Ownwell’s Miltona Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Miltona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Miltona 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 Miltona, Minnesota
Property taxes in Miltona, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Miltona is 0.79%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Miltona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Miltona 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 Miltona's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56354 zip code has the highest median property tax rate of 0.79%, while the same 56354 zip code also has the lowest median tax rate of 0.79%. Understanding how these cities compare with Miltona 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 Miltona Tax Rate
0.79%
Average Douglas County Tax Rate
0.86%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Miltona, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56354 | 0.61% | 0.72% | 0.79% | 0.90% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Miltona, Minnesota
In Miltona, 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 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 Miltona, 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 Miltona helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 56354 has the highest and lowest median tax bill at $2,412, reflecting the median home price of $306,850.
Average Miltona Assessed Value
$306,850
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 Miltona, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56354 | $25,500 | $143,000 | $306,850 | $486,000 | $653,330 |
Source: Ownwell
Property Tax Bills Across Miltona, Minnesota
In Miltona, located in Douglas County, MN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the market value of the property. Homeowners in Miltona can expect their tax bills to vary significantly, with the 25th percentile tax bill at $1,266 and the 75th percentile reaching $3,828. The highest median tax bill in the area is $2,412, found in the 56354 zip code. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. These elements contribute to the overall assessed value, which is then multiplied by the local tax rate to determine the annual property tax. For homeowners, understanding these factors is crucial as they directly impact the financial responsibilities tied to property ownership. Compared to the national median property tax rate of 0.99%, Miltona's tax rates reflect the specific economic and real estate conditions of the region.
Average Miltona Tax Bill
$2,412
Average Douglas County Tax Bill
$2,330
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Miltona, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56354 | $335 | $1,266 | $2,412 | $3,828 | $5,313 |
Source: Ownwell