Minneota, Minnesota Property Taxes
The median property tax rate in Minneota, MN is 1.25%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Minneota at $131,750, the typical annual property tax bill reaches $1,498, exceeding 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 Lyon County, 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
1.25%
Estimate Property Tax Bill
$1,647
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 1.25%, significantly higher than the U.S. national median of 0.99%. Local government entities within Minneota set these rates annually, and they can vary 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 areas in the U.S. and the national median. For comparison, the zip code 56264 has the highest median property tax rate of 1.25%, while the same zip code also has the lowest median tax rate of 1.25%. Understanding how these figures compare with Minneota 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 Minneota Tax Rate
1.25%
Average Lyon County Tax Rate
1.21%
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 | 0.75% | 1.04% | 1.25% | 1.44% | 1.60% |
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 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 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. For instance, the median home price in Minneota is $131,750, with tax bills at the 25th percentile being $679 and at the 75th percentile reaching $2,336. The highest and lowest median tax bills both stand at $1,498 in the 56264 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Minneota Assessed Value
$131,750
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 Minneota, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56264 | $7,120 | $57,850 | $131,750 | $201,525 | $285,020 |
Source: Ownwell
Property Tax Bills Across Minneota, Minnesota
Property tax bills in Minneota, located in Lyon County, MN, are calculated based on the assessed value of a property and the local tax rate. The median home price in Minneota is $131,750. Homeowners in this area can expect property tax bills to vary significantly. For instance, those in the 25th percentile pay around $679, while those in the 75th percentile face bills closer to $2,336. At the 90th percentile, property tax bills can reach up to $3,344. The tax rate in Minneota is influenced by local government budgets, school district funding, and other public services. This rate is applied to the assessed value of the property to determine the annual tax bill. Compared to the national median property tax rate of 0.99%, homeowners in Minneota experience a range of tax burdens depending on their property's assessed value. Understanding these factors can help homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Minneota Tax Bill
$1,498
Average Lyon County Tax Bill
$1,794
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 | $116 | $679 | $1,498 | $2,336 | $3,344 |
Source: Ownwell