Minneota, Minnesota Property Taxes
The median property tax rate in Minneota, MN is 0.29%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Minneota at $605,000, the typical annual property tax bill reaches $1,790, which is significantly below the national median of $2,690. Property taxes in Minneota 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 Minneota'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 Minneota 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
Minneota, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.29%
Estimate Property Tax Bill
$1,754
Ownwell’s MINNEOTA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MINNEOTA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MINNEOTA 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 Minneota, Minnesota
Property taxes in Minneota, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Minneota is 1.22%, significantly higher than both the Minnesota state median of 1.04% and the U.S. national median of 0.99%. Local government entities within Minneota set these rates annually, and they can vary significantly across different neighborhoods. Each year, Minneota 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 Minneota's effective property tax rate to other counties in Minnesota and the national median. For comparison, the highest median property tax rate in the state is 1.54% in Hennepin County, while the lowest median tax rate is 0.63% in Kittson County. Understanding how these cities compare with Minneota 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 Minneota Tax Rate
0.29%
Average Lincoln County Tax Rate
0.54%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Minneota, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56264 | 0.17% | 0.18% | 0.29% | 0.34% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Minneota, Minnesota
In Minneota, 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 Minneota, 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 Minneota helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Minneota is $605,000, with tax bills ranging from $1,034 at the 25th percentile to $6,486 at the 90th percentile. The zip code 56264 has both the highest and lowest median tax bill, standing at $1,790.
Average Minneota Assessed Value
$605,000
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 Minneota, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56264 | $323,780 | $499,450 | $605,000 | $1,176,550 | $1,814,860 |
Source: Ownwell
Property Tax Bills Across Minneota, Minnesota
In Minneota, Lincoln County, MN, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is then multiplied by the local tax rate to determine the tax bill. For Minneota, the median home price stands at $605,000, and the property tax rate in Lincoln County reflects a range of tax bills. Homeowners in the 25th percentile can expect a tax bill around $1,034, while those in the 75th percentile might see a bill of approximately $3,507. The highest tax bills, in the 90th percentile, can reach up to $6,486. Factors considered in determining the tax bill include property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, homeowners in Minneota face a varied range of tax obligations, which can significantly impact their annual budget. Understanding these factors can help homeowners better anticipate their financial responsibilities.
Average Minneota Tax Bill
$1,790
Average Lincoln County Tax Bill
$1,300
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Minneota, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56264 | $898 | $1,034 | $1,790 | $3,507 | $6,486 |
Source: Ownwell