Fulda, Minnesota Property Taxes
The median property tax rate in Fulda, MN is 0.30%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Fulda, the typical annual property tax bill reaches $3,619, surpassing the national median of $2,690. Property taxes in Fulda 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 Fulda'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 Fulda 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
Fulda, 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 Fulda Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Fulda with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fulda 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 Fulda, Minnesota
Property taxes in Fulda, Minnesota, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fulda is 1.25%, higher than both the Minnesota state median of 1.12% and the U.S. national median of 0.99%. Local government entities within Fulda set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fulda 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 Fulda's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55401 zip code has the highest median property tax rate of 1.50%, while the 55001 zip code has the lowest median tax rate of 0.80%. Understanding how these cities compare with Fulda provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fulda Tax Rate
0.30%
Average Jackson County Tax Rate
1.05%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fulda, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56131 | 0.26% | 0.26% | 0.30% | 0.77% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Fulda, Minnesota
In Fulda, 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 Jackson 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 Fulda, 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 Fulda helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 56131, both at $3,619.
Average Fulda Assessed Value
$1,262,250
Average Jackson County Assessed Value
$145,950
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fulda, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56131 | $372,140 | $763,100 | $1,262,250 | $1,574,775 | $1,629,810 |
Source: Ownwell
Property Tax Bills Across Fulda, Minnesota
Property tax bills in Fulda, Jackson County, MN are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by local assessors who evaluate various factors such as the property's market value, location, and condition. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. In Fulda, the median home price is approximately $1,262,250. Homeowners in this area can expect a property tax bill that varies significantly. For example, the 25th percentile tax bill is around $3,081, while the 75th percentile tax bill is about $4,028. The 90th percentile tax bill reaches up to $4,266. These figures illustrate the range of property tax bills homeowners might face, influenced by the specific assessed value of their properties. Compared to the national median property tax rate of 0.99%, Fulda's property tax rates can significantly impact homeowners, making it essential for them to understand how their tax bills are calculated and what factors contribute to these costs.
Average Fulda Tax Bill
$3,619
Average Jackson County Tax Bill
$1,463
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Fulda, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56131 | $2,611 | $3,081 | $3,619 | $4,028 | $4,266 |
Source: Ownwell