Elmore, Minnesota Property Taxes
The median property tax rate in Elmore, MN is 2.14%, significantly higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $39,700 in Elmore, the typical annual property tax bill reaches $886, which is below the national median of $2,690. Property taxes in Elmore are calculated based on the tax assessed value, often lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Elmore'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 Elmore 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
Elmore, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.14%
Estimate Property Tax Bill
$850
Ownwell’s Elmore Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elmore with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elmore 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 Elmore, Minnesota
Property taxes in Elmore, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elmore is 2.14%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Elmore set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elmore 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 Elmore's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56027 has the highest median property tax rate of 2.14%, while the same zip code also has the lowest median tax rate of 2.14%. Understanding how these cities compare with Elmore 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 Elmore Tax Rate
2.14%
Average Faribault County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elmore, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56027 | 0.68% | 1.58% | 2.14% | 2.99% | 4.23% |
Source: Ownwell
Property Tax Assessment Values Across Elmore, Minnesota
In Elmore, 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 Elmore, 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. The median home price in Elmore is $39,700, with tax bills ranging from $300 at the 25th percentile to $2,131 at the 90th percentile. 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 Elmore helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elmore Assessed Value
$39,700
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 Elmore, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56027 | $2,000 | $10,275 | $39,700 | $72,400 | $127,050 |
Source: Ownwell
Property Tax Bills Across Elmore, Minnesota
In Elmore, Faribault County, MN, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the final tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements or changes made to the property. For homeowners in Elmore, the median home price stands at $39,700. Tax bills vary significantly, with the 25th percentile at $300 and the 75th percentile reaching $1,574. The 90th percentile tax bill is $2,131, reflecting the higher end of the spectrum. These property taxes impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, the tax rates in Elmore provide a useful benchmark for understanding local property tax obligations. The highest and lowest median tax bills in the area are both $886, located in zip code 56027, illustrating a relatively uniform tax burden within the region.
Average Elmore Tax Bill
$886
Average Faribault County Tax Bill
$1,105
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Elmore, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56027 | $42 | $300 | $886 | $1,574 | $2,131 |
Source: Ownwell