Mazeppa, Minnesota Property Taxes
The median property tax rate in Mazeppa, MN is 0.86%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $441,500 in Mazeppa, the typical annual property tax bill reaches $3,215, surpassing the national median of $2,690. Property taxes in Mazeppa 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 Mazeppa'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 Mazeppa or another part of Goodhue County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mazeppa, 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 Mazeppa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mazeppa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mazeppa 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 Mazeppa, Minnesota
Property taxes in Mazeppa, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mazeppa is 0.86%, which is slightly below the U.S. national median of 0.99%. Local government entities within Mazeppa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mazeppa 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 Mazeppa's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55956 zip code within Goodhue County has both the highest and lowest median property tax rate of 0.86%. Understanding how these cities compare with Mazeppa provides valuable insights into the varying tax landscape across Goodhue County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mazeppa Tax Rate
0.86%
Average Goodhue County Tax Rate
1.21%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mazeppa, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55956 | 0.39% | 0.56% | 0.86% | 0.97% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Mazeppa, Minnesota
In Mazeppa, 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 Goodhue 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 Mazeppa, 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 Mazeppa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Mazeppa is $441,500, with the highest and lowest median tax bills both being $3,215 in the 55956 zip code.
Average Mazeppa Assessed Value
$441,500
Average Goodhue County Assessed Value
$266,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mazeppa, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55956 | $237,700 | $281,200 | $441,500 | $531,500 | $907,000 |
Source: Ownwell
Property Tax Bills Across Mazeppa, Minnesota
Property tax bills in Mazeppa, located in Goodhue County, MN, are determined based on the assessed value of a property and the local tax rate. The median home price in Mazeppa is $441,500. Homeowners can expect their tax bills to vary, with the 25th percentile tax bill at $2,538 and the 75th percentile tax bill at $4,387. For those in the 90th percentile, tax bills can reach up to $5,527. The calculation begins with the local government assessing the market value of a property. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Various factors, such as property size, location, and improvements, influence the assessed value. Compared to the national median property tax rate of 0.99%, the rates in Mazeppa reflect the region's specific economic and administrative needs. Homeowners should be aware that fluctuations in property values and tax rates can significantly impact their annual tax obligations.
Average Mazeppa Tax Bill
$3,215
Average Goodhue County Tax Bill
$3,110
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Mazeppa, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55956 | $1,823 | $2,538 | $3,215 | $4,387 | $5,527 |
Source: Ownwell