Delavan, Minnesota Property Taxes
The median property tax rate in Delavan, MN is 0.81%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $85,000 in Delavan, the typical annual property tax bill amounts to $705, significantly below the national median of $2,690. Property taxes in Delavan are calculated based on the tax assessed value, which often is less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Delavan'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 Delavan or another part of Faribault County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Delavan, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$689
Ownwell’s Delavan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Delavan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Delavan 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 Delavan, Minnesota
Property taxes in Delavan, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Delavan is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Delavan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Delavan 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 Delavan's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56023 has the same median property tax rate of 0.81%. Understanding how these areas compare with Delavan provides valuable insights into the varying tax landscape across Faribault County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Delavan Tax Rate
0.81%
Average Faribault County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Delavan, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56023 | 0.32% | 0.55% | 0.81% | 1.24% | 1.64% |
Source: Ownwell
Property Tax Assessment Values Across Delavan, Minnesota
In Delavan, 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 Faribault 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 Delavan, 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 Delavan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Delavan are both $705.00, specifically in the 56023 zip code.
Average Delavan Assessed Value
$85,000
Average Faribault County Assessed Value
$99,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Delavan, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56023 | $10,020 | $42,850 | $85,000 | $223,925 | $912,130 |
Source: Ownwell
Property Tax Bills Across Delavan, Minnesota
In Delavan, located in Faribault County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Delavan is $85,000. Property taxes are then applied to this assessed value using the local tax rate. Homeowners in Delavan can expect a wide range of property tax bills depending on their home's assessed value and specific local levies. For example, the 25th percentile tax bill in Delavan is $450, while the 75th percentile reaches $1,370. At the 90th percentile, homeowners might see tax bills as high as $3,106. The median tax bill in the area is $705, which is lower than the national median property tax rate of 0.99%. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Understanding how these factors interplay can help homeowners in Delavan better anticipate their annual property tax obligations.
Average Delavan Tax Bill
$705
Average Faribault County Tax Bill
$1,105
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Delavan, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56023 | $61 | $450 | $705 | $1,370 | $3,106 |
Source: Ownwell