Chatfield, Minnesota Property Taxes
The median property tax rate in Chatfield, MN is 1.21%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Chatfield at $279,800, the typical annual property tax bill reaches $2,548, slightly below the national median of $2,690. Property taxes in Chatfield 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 Chatfield'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 Chatfield 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
Chatfield, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$3,386
Ownwell’s Chatfield Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Chatfield with ease. Simply input your property's estimated assessed value, and the calculator will apply the median tax rate in Chatfield to provide an estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Chatfield, Minnesota
Property taxes in Chatfield, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chatfield is 1.21%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Chatfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chatfield 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 Chatfield's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55923 zip code has the highest median property tax rate of 1.21%, while the same zip code also has the lowest median tax rate of 1.21%. Understanding how these cities compare with Chatfield provides valuable insights into the varying tax landscape across Fillmore County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chatfield Tax Rate
1.21%
Average Fillmore County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chatfield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55923 | 0.34% | 0.57% | 1.21% | 1.39% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Chatfield, Minnesota
In Chatfield, 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 Fillmore 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 Chatfield, 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 Chatfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in the area is $2,548, both found in the 55923 zip code.
Average Chatfield Assessed Value
$279,800
Average Fillmore County Assessed Value
$193,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chatfield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55923 | $117,300 | $187,000 | $279,800 | $407,400 | $626,040 |
Source: Ownwell
Property Tax Bills Across Chatfield, Minnesota
In Chatfield, located in Fillmore County, 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. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Several factors influence the tax bill, including the property's location, size, and improvements. For example, homes in the 25th percentile of tax bills pay around $1,716 annually, while those in the 75th percentile pay approximately $3,774. For homeowners in the 90th percentile, the tax bill can reach up to $5,140. These property taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. With a median home price of $279,800, the property tax rate in Chatfield can be compared to the national median property tax rate of 0.99%, providing a benchmark for homeowners to understand their tax obligations relative to other regions.
Average Chatfield Tax Bill
$2,548
Average Fillmore County Tax Bill
$1,586
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Chatfield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55923 | $744 | $1,716 | $2,548 | $3,774 | $5,140 |
Source: Ownwell