Dayton, Minnesota Property Taxes
The median property tax rate in Dayton, MN, is 1.11%, aligning with the Minnesota state median but notably higher than the national median of 0.99%. With a median home value of $398,000 in Dayton, the typical annual property tax bill amounts to $4,681, significantly surpassing the national median of $2,690. Property taxes in Dayton are calculated based on the tax-assessed value, which usually falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Dayton's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Dayton or another part of the city, mastering the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Dayton, 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 Dayton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dayton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dayton 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 Dayton, Minnesota
Property taxes in Dayton, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dayton is 1.11%, which is higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Dayton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dayton 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 Dayton's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55327 has the highest median property tax rate of 1.11%, while the same zip code also has the lowest median tax rate of 1.11%. Understanding how these cities compare with Dayton provides valuable insights into the varying tax landscape across Hennepin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dayton Tax Rate
1.11%
Average Hennepin County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dayton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55327 | 1.07% | 1.11% | 1.11% | 1.18% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Dayton, Minnesota
In Dayton, 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 Hennepin 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 Dayton, 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 Dayton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both recorded at $4,681 in the 55327 zip code.
Average Dayton Assessed Value
$398,000
Average Hennepin County Assessed Value
$350,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dayton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55327 | $105,000 | $277,000 | $398,000 | $483,000 | $571,000 |
Source: Ownwell
Property Tax Bills Across Dayton, Minnesota
Property tax bills in Dayton, located in Hennepin County, MN, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property as of the assessment date. This value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the final tax bill, including the property's location within specific school districts, municipal services, and any applicable exemptions or special assessments. For homeowners in Dayton, the property tax rate is a crucial factor, with the median home price at $398,000 leading to varying tax bills across different percentiles. For example, the 25th percentile tax bill is $3,327, while the 75th percentile reaches $5,547. These property taxes directly impact homeowners by contributing to essential public services such as education, infrastructure, and emergency services. Understanding these elements helps homeowners anticipate their financial commitments and plan accordingly.
Average Dayton Tax Bill
$4,681
Average Hennepin County Tax Bill
$4,453
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Dayton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55327 | $1,358 | $3,327 | $4,681 | $5,547 | $6,806 |
Source: Ownwell