Porter, Minnesota Property Taxes
The median property tax rate in Porter, MN is 0.30%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Porter at $599,000, the typical annual property tax bill reaches $1,914, significantly below the national median of $2,690. Property taxes in Porter are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Porter'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 Porter or another part of Lincoln County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Porter, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.3%
Estimate Property Tax Bill
$1,797
Ownwell’s Porter Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Porter with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Porter 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 Porter, Minnesota
Property taxes in Porter, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Porter is 1.13%, significantly higher than both the Minnesota state median of 1.01% and the U.S. national median of 0.99%. Local government entities within Porter set these rates annually, and they can vary significantly across different neighborhoods. Each year, Porter 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 Porter's effective property tax rate to other counties in Minnesota and the national median. For comparison, ZIP code 56001 has the highest median property tax rate of 1.20%, while ZIP code 56164 has the lowest median tax rate of 1.05%. Understanding how these cities compare with Porter 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 Porter Tax Rate
0.30%
Average Lincoln County Tax Rate
0.54%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Porter, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56280 | 0.19% | 0.21% | 0.30% | 0.41% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Porter, Minnesota
In Porter, 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. Assessment notices in Porter 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 Porter helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Porter, the median home price is $599,000. The highest median tax bill is $1,914 in zip code 56280, which is also the lowest median tax bill. This range provides a clear perspective on the potential property tax obligations in the area.
Average Porter Assessed Value
$599,000
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 Porter, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56280 | $169,760 | $318,700 | $599,000 | $1,125,800 | $1,362,220 |
Source: Ownwell
Property Tax Bills Across Porter, Minnesota
In Porter, Lincoln County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the home's market value, location, and property improvements. Homeowners in Porter can expect varying tax bills depending on these factors. For instance, the 25th percentile tax bill is $1,104, while the 75th percentile tax bill rises to $3,296. At the 90th percentile, homeowners might see tax bills as high as $4,454. The median home price in Porter is $599,000, and the highest median tax bill recorded in the area is $1,914, which is significantly lower than the national median property tax rate of 0.99%. These tax bills impact homeowners by influencing their overall housing costs, potentially affecting affordability and financial planning.
Average Porter Tax Bill
$1,914
Average Lincoln County Tax Bill
$1,300
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Porter, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56280 | $666 | $1,104 | $1,914 | $3,296 | $4,454 |
Source: Ownwell