Tyler, Minnesota Property Taxes
The median property tax rate in Tyler, MN is 0.67%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Tyler at $185,200, the typical annual property tax bill amounts to $1,178, which is well below the national median of $2,690. Property taxes in Tyler are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Tyler'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 Tyler 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
Tyler, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$1,241
Ownwell’s Tyler Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tyler with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tyler 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 Tyler, Minnesota
Property taxes in Tyler, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tyler is 0.67%, which is lower than the U.S. national median of 0.99%. Local government entities within Tyler set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tyler 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 Tyler's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56178 has both the highest and lowest median property tax rate of 0.67%. Understanding how these cities compare with Tyler 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 Tyler Tax Rate
0.67%
Average Lincoln County Tax Rate
0.54%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tyler, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56178 | 0.20% | 0.37% | 0.67% | 0.95% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Tyler, Minnesota
In Tyler, 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 Tyler, 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 Tyler helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Tyler is $185,200, with the highest and lowest median tax bills both at $1,178 in the 56178 zip code.
Average Tyler Assessed Value
$185,200
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 Tyler, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56178 | $32,600 | $92,500 | $185,200 | $435,100 | $955,560 |
Source: Ownwell
Property Tax Bills Across Tyler, Minnesota
In Tyler, located in Lincoln County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. For a median home price of $185,200, homeowners can expect their tax bill to vary significantly. The 25th percentile tax bill is around $568, while those in the 75th percentile can expect to pay approximately $2,146. At the higher end, the 90th percentile tax bill reaches $3,277. These figures highlight the range of tax burdens that homeowners may face. Several factors influence the final tax bill, including the assessed value of the property, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Tyler’s tax rates reflect the local economic conditions and funding needs for public services. Understanding these factors can help homeowners better anticipate their annual tax obligations and plan accordingly. Accurate assessments and awareness of exemptions can significantly impact the financial responsibilities tied to property ownership in Tyler.
Average Tyler Tax Bill
$1,178
Average Lincoln County Tax Bill
$1,300
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Tyler, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56178 | $226 | $568 | $1,178 | $2,146 | $3,277 |
Source: Ownwell