Arco, Minnesota Property Taxes
The median property tax rate in Arco, MN is 0.45%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Arco at $311,300, the typical annual property tax bill reaches $1,402, well below the national median of $2,690. Property taxes in Arco 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 Arco'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 Arco 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
Arco, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$1,401
Ownwell’s ARCO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ARCO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ARCO 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 Arco, Minnesota
Property taxes in Arco, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Arco is 0.45%, which is significantly lower than both the Minnesota state median of 0.99% and the U.S. national median of 0.99%. Local government entities within Arco set these rates annually, and they can vary significantly across different neighborhoods. Each year, Arco 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 Arco's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56113 has both the highest and lowest median property tax rate of 0.45%. Understanding how these areas compare with Arco provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Arco Tax Rate
0.45%
Average Lincoln County Tax Rate
0.54%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Arco, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56113 | 0.19% | 0.30% | 0.45% | 2.07% | 2.95% |
Source: Ownwell
Property Tax Assessment Values Across Arco, Minnesota
In Arco, 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 Lincoln 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 Arco, 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 Arco helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 56113, with a tax bill of $1,402, while the lowest median tax bill is also in zip code 56113, with the same tax bill of $1,402.
Average Arco Assessed Value
$311,300
Average Lincoln County Assessed Value
$232,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Arco, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56113 | $6,480 | $41,250 | $311,300 | $693,950 | $1,127,820 |
Source: Ownwell
Property Tax Bills Across Arco, Minnesota
In Arco, located in Lincoln County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $311,300, homeowners can expect varying tax bills depending on specific factors such as property location and exemptions. The tax bill in Arco varies significantly, with the 25th percentile at $646 and the 75th percentile reaching $2,347. At the higher end, the 90th percentile tax bill is $3,178. These figures show a wide range in tax obligations, reflecting differences in property values and applicable local tax rates. Comparatively, the national median property tax rate is 0.99%, making Arco’s tax landscape relatively manageable for homeowners. However, understanding these factors is crucial for budgeting and financial planning, as property taxes can significantly impact overall homeownership costs.
Average Arco Tax Bill
$1,402
Average Lincoln County Tax Bill
$1,300
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Arco, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56113 | $101 | $646 | $1,402 | $2,347 | $3,178 |
Source: Ownwell