Albert Lea, Minnesota Property Taxes
The median property tax rate in Albert Lea, MN is 1.33%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Albert Lea, the typical annual property tax bill reaches $1,654, exceeding the national median of $2,690. Property taxes in Albert Lea 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 Albert Lea'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 Albert Lea 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
Albert Lea, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.33%
Estimate Property Tax Bill
$1,649
Ownwell’s Albert Lea Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Albert Lea with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Albert Lea 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 Albert Lea, Minnesota
Property taxes in Albert Lea, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Albert Lea is 1.33%, notably higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Albert Lea set these rates annually, and they can vary significantly across different neighborhoods. Each year, Albert Lea 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 Albert Lea's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56007 has the highest median property tax rate of 1.33%, while the same zip code also has the lowest median tax rate of 1.33%. Understanding how these cities compare with Albert Lea provides valuable insights into the varying tax landscape across Freeborn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albert Lea Tax Rate
1.33%
Average Freeborn County Tax Rate
1.25%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albert Lea, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56007 | 0.94% | 1.10% | 1.33% | 1.51% | 1.83% |
Source: Ownwell
Property Tax Assessment Values Across Albert Lea, Minnesota
In Albert Lea, 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 Freeborn 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 Albert Lea, 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 Albert Lea helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Albert Lea is $124,000, with median tax bills ranging from $914 at the 25th percentile to $4,118 at the 90th percentile. The zip code 56007 has both the highest and lowest median tax bill at $1,654.
Average Albert Lea Assessed Value
$124,000
Average Freeborn County Assessed Value
$133,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albert Lea, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56007 | $34,100 | $74,550 | $124,000 | $208,400 | $325,760 |
Source: Ownwell
Property Tax Bills Across Albert Lea, Minnesota
In Albert Lea, located in Freeborn County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. For homeowners, the median home price is $124,000. The assessed value is determined by the county assessor, who evaluates the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. In Albert Lea, the property tax bills can vary significantly. The 25th percentile tax bill is $914, while the 75th percentile tax bill is $2,776, and the 90th percentile tax bill reaches up to $4,118. Notably, the highest and lowest median tax bills in the area are both $1,654, which aligns with the national median property tax rate of 0.99%. These tax bills directly impact homeowners by influencing their annual expenses, potentially affecting their overall financial planning and housing affordability. Understanding these factors can help homeowners anticipate and manage their property tax obligations more effectively.
Average Albert Lea Tax Bill
$1,654
Average Freeborn County Tax Bill
$1,666
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Albert Lea, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56007 | $388 | $914 | $1,654 | $2,776 | $4,118 |
Source: Ownwell