Milroy, Minnesota Property Taxes
The median property tax rate in Milroy, MN is 0.77%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Milroy at $258,100, the typical annual property tax bill amounts to $1,832, significantly less than the national median of $2,690. Property taxes in Milroy 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 Milroy'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 Milroy 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
Milroy, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$1,987
Ownwell’s Milroy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milroy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milroy 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 Milroy, Minnesota
Property taxes in Milroy, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milroy is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Milroy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milroy 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 Milroy's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56263 zip code has the highest median property tax rate of 0.77%, while the same zip code also has the lowest median tax rate of 0.77%. Understanding how these cities compare with Milroy provides valuable insights into the varying tax landscape across Lyon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milroy Tax Rate
0.77%
Average Lyon County Tax Rate
1.21%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milroy, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56263 | 0.57% | 0.65% | 0.77% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Milroy, Minnesota
In Milroy, 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 Lyon 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 Milroy, 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 Milroy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Milroy, the median home price is $258,100, with tax bills ranging from $924 at the 25th percentile to $4,080 at the 90th percentile. The highest and lowest median tax bills, both at $1,832, are found in the 56263 zip code.
Average Milroy Assessed Value
$258,100
Average Lyon County Assessed Value
$158,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milroy, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56263 | $64,250 | $148,525 | $258,100 | $399,550 | $499,550 |
Source: Ownwell
Property Tax Bills Across Milroy, Minnesota
In Milroy, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Milroy is $258,100. Property taxes are then calculated by applying the local tax rate to this assessed value. Homeowners in Milroy can expect their tax bills to vary significantly, with the 25th percentile at $924 and the 75th percentile reaching $3,102. For those at the 90th percentile, tax bills can go up to $4,080. Factors that influence these tax bills include the market value of the property, any exemptions or deductions the homeowner qualifies for, and the specific tax rates set by local authorities. Compared to the national median property tax rate of 0.99%, Milroy's rates can be quite variable. This variability can impact homeowners' financial planning, potentially making higher-value homes more costly to maintain due to larger tax obligations.
Average Milroy Tax Bill
$1,832
Average Lyon County Tax Bill
$1,794
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Milroy, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56263 | $329 | $924 | $1,832 | $3,102 | $4,080 |
Source: Ownwell