Freeborn, Minnesota Property Taxes
The median property tax rate in Freeborn, MN is 1.78%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Freeborn at $84,350, the typical annual property tax bill reaches $1,376, exceeding the national median of $2,690. Property taxes in Freeborn 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 Freeborn'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 Freeborn 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
Freeborn, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Freeborn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Freeborn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Freeborn 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 Freeborn, Minnesota
Property taxes in Freeborn, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Freeborn is 1.78%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Freeborn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Freeborn 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 Freeborn's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56032 has the highest median property tax rate of 1.78%, while the same zip code also has the lowest median tax rate of 1.78%. Understanding how these cities compare with Freeborn 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 Freeborn Tax Rate
1.78%
Average Freeborn County Tax Rate
1.25%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Freeborn, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56032 | 1.50% | 1.56% | 1.78% | 1.97% | 2.17% |
Source: Ownwell
Property Tax Assessment Values Across Freeborn, Minnesota
In Freeborn, 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 county 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 Freeborn, 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 Freeborn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Freeborn is $1,376 in the 56032 zip code. The lowest median tax bill is also $1,376 in the same zip code.
Average Freeborn Assessed Value
$84,350
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 Freeborn, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56032 | $11,120 | $58,175 | $84,350 | $124,275 | $177,120 |
Source: Ownwell
Property Tax Bills Across Freeborn, Minnesota
In Freeborn, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value of the property. Homeowners in Freeborn can expect to pay varying amounts depending on the value of their homes. For instance, the median home price in Freeborn is $84,350. Property tax bills can range significantly, with the 25th percentile at $902, the 75th percentile at $2320, and the 90th percentile reaching up to $3466. Several factors influence the tax bill, such as the property's location within the county, improvements made to the property, and any applicable exemptions or deductions. These taxes fund essential public services like schools, emergency services, and infrastructure maintenance, directly impacting the quality of life for residents. Compared to the national median property tax rate of 0.99%, Freeborn's property tax rates can be seen as relatively moderate, offering a balanced approach to taxation and public service funding.
Average Freeborn Tax Bill
$1,376
Average Freeborn County Tax Bill
$1,666
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Freeborn, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56032 | $180 | $902 | $1,376 | $2,320 | $3,466 |
Source: Ownwell